Par Pharmaceutical Gains Licensing Rights For Mesothelioma Drug
Par Pharmaceutical Companies Inc.’s of the proprietary products division has stated this week that they have worked at getting the exclusive licensing rights they needed in order to distribute Onconase. Onconase is a drug from Alfacell that is used to treat those who have been diagnosed with malignant and inoperable mesothelioma. Along with the licensing rights they have also acquired the right to commercialize it.
Under the terms of the agreement, Par’s Strativa Pharmaceuticals unit will make an initial payment of $5 million to Alfacell. It will also pay an additional $30 million upon approval of the drug by the Food and Drug Administration.
Alfacell will retain the right to co-promote Onconase in the future and is also entitled to royalty payments from sales, as well as possible milestone payments of an undisclosed amount.