Fennec signs commercialization deal for Pedmarqsi with Norgine

US speciality drugmaker Fennec Pharmaceuticals (Nasdaq: FENC) and Norgine today announced an exclusive licensing agreement under which Norgine will commercialize Pedmarqsi (sodium thiosulfate) in Europe, Australia and New Zealand.

Pedmarqsi is the first and only approved therapy in the EU and UK for the prevention of ototoxicity (hearing loss) induced by cisplatin chemotherapy in patients 1 month to < 18 years of age with localized, non-metastatic solid tumors. The drug is also approved I the USA.

Under the terms of the licensing agreement, Fennec will receive 40 million euros ($43.6 million) upfront and up to 210 million euros in additional commercial and regulatory milestone payments and double-digit tiered royalties on net sales of the drug in the licensed territories up to the mid-twenties. Norgine will be responsible for all commercialization activities in the licensed territories and will hold all marketing authorizations in the licensed territories.