Valeo to sell PharmaMar's Yondelis in Canada
Spanish drugmaker PharmaMar (MSE: PHM) has announced a licensing deal with Quebec-based Valeo Pharma (CSE: VPH) for the Canadian commercialization of the marine-derived cancer drug Yondelis (trabectedin).
PharmaMar, which will retain the exclusive production rights and will sell the product to Valeo for its clinical and commercial use, will receive a non-disclosed upfront sum and will be eligible for additional remunerations, including regulatory milestone payments.
This new agreement follows PharmaMar's recovery of commercialization rights for Yondelis from Janssen, in more than 40 countries, where the product has already been approved. It was announced in August that the Johnson & Johnson (NYSE: JNJ) unit would be handing back the rights.
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