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Spectrum Pharmaceuticals and Nippon Kayaku Collaborate to Develop Apaziquone in Asia

Posted on: Sat, 14 Nov 2009 00:05:00 EST

Symbols: AGN, SPPI

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Nov 13, 2009 (Close-Up Media via COMTEX) --
SPPI | Quote | Chart | News | PowerRating -- Spectrum Pharmaceuticals, Inc., a commercial stage biotechnology company with a primary focus in oncology, and Nippon Kayaku announced an exclusive collaboration for the development and commercialization of apaziquone in Asia.

Apaziquone is an antineoplastic agent currently being investigated for the treatment of non-muscle invasive bladder cancer by intravesical instillation. Spectrum Pharmaceuticals said that it has previously entered into a strategic collaboration with Allergan, Inc. 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.

"We are excited to partner apaziquone with a strong Japanese oncology company such as Nippon Kayaku," said Rajesh C. Shrotriya, MD, Chairman of the Board, Chief Executive Officer, and President of Spectrum Pharmaceuticals, Inc. "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."

"Apaziquone is an ideal candidate to complement our portfolio of 24 anti-cancer products," said Akira Mandai, Head of Pharmaceuticals Group of Nippon Kayaku. "We look forward to working with Spectrum in developing apaziquone for non-muscle invasive bladder cancer."

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 said that it is currently conducting two Phase 3 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 3 studies by year-end 2009.

((Comments on this story may be sent to health@closeupmedia.com))

For full details on Allergan Inc (AGN) AGN. Allergan Inc (AGN) has Short Term PowerRatings at TradingMarkets. Details on Allergan Inc (AGN) Short Term PowerRatings is available at This Link.

For full details on Spectrum Pharm Inc (SPPI) SPPI. Spectrum Pharm Inc (SPPI) has Short Term PowerRatings at TradingMarkets. Details on Spectrum Pharm Inc (SPPI) Short Term PowerRatings is available at This Link.

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