ProStrakan buys GTx' US rights to breast cancer drug Fareston

2 October 2012

Scotland-based ProStrakan, a subsidiary of Japanese drugmaker Kyowa Hakko Kirin (TYO: 4151), has acquired exclusive US commercialization rights to Fareston (toremifene citrate) for the treatment of metastatic breast cancer in postmenopausal women, from US biotech firm GTx Inc (Nasdaq: GTXI), for a lump sum payment of $21.7 million.

Fareston, which generated net sales of $6.7 million for GTx in 2011, is a selective oestrogen receptor modulator (SERM') indicated for the treatment of metastatic breast cancer in post-menopausal women with estrogen receptor-positive (ER+ve') or unknown tumors and is available in a once-daily 60mg oral tablet.

Finnish group Orion, which developed toremifene, will continue to manufacture and supply Fareston for the US market under an exclusive licence and supply agreement executed with ProStrakan.

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