Therapeutic radiopharmaceutical developer Algeta has inked an $800 million agreement with Bayer for the development and commercialization of its Alpharadin alpha-emitting pharmaceutical for treating bone metastases.
Based on radium-223, Alpharadin is currently being evaluated in a global, phase III trial in men with hormone-refractory prostate cancer that has spread to the bone. Algeta of Oslo, Norway, and Bayer of Leverkusen, Germany, will jointly develop Alpharadin, with Bayer contributing a substantial portion of the costs of future development and fully funding any additional late-stage trials.
Algeta will retain an option for copromotion and profit-sharing in the U.S. The firm will receive $61 million in cash upfront, followed by development, production, and commercialization milestones. It will be responsible for manufacturing and supplying Alpharadin.
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