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Spectrum Pharmaceuticals and Nippon Kayaku sign collaboration agreement

Posted on: Thu, 12 Nov 2009 05:03:00 EST

Symbols: SPPI

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Nov 12, 2009 (Datamonitor via COMTEX) --
SPPI | Quote | Chart | News | PowerRating -- Spectrum Pharmaceuticals and Nippon Kayaku have signed an exclusive collaboration for the development and commercialization of apaziquone in Asia.

According to Spectrum, apaziquone is an antineoplastic agent currently being investigated for the treatment of non-muscle invasive bladder cancer by intravesical instillation.

Spectrum Pharmaceuticals has previously entered into a strategic collaboration with Allergan for North America, Europe and other key markets. These two collaborations are representative of the company's stated objective of achieving solid strategic partnerships that are aimed at fully exploiting developmental goals for apaziquone on a worldwide basis, said Spectrum.

Under the terms of the agreement, Nippon Kayaku will pay Spectrum an upfront payment of $15 million and will make additional payments of up to $136 million based on the achievement of certain regulatory and commercialization milestones. Nippon Kayaku received exclusive rights to apaziquone for the treatment of non-muscle invasive bladder cancer in Asia, including Japan and China.

Nippon Kayaku will conduct the apaziquone clinical trials pursuant to a development plan. Nippon Kayaku will be responsible for all expenses relating to the development and commercialization of apaziquone in the Nippon Kayaku territory.

Spectrum is currently conducting two Phase III clinical trials to investigate apaziquone's safety and efficacy in non-muscle invasive bladder cancer. Spectrum's goal is to complete enrollment in both Phase III studies by year-end 2009.

Rajesh Shrotriya, chairman of the board, CEO and president of Spectrum, said: "We are excited to partner apaziquone with a strong Japanese oncology company such as Nippon Kayaku. Nippon Kayaku is one of the most established and reputable pharmaceutical companies in Japan and has unparalleled experience in Asia in the field of non-muscle invasive bladder cancer and prostate cancer. We believe that Nippon Kayaku is a terrific strategic partner for apaziquone and for Spectrum."

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