Abraxis out-licenses Abraxane for India

US biopharmaceutical firm Abraxis BioScience has entered into a licensing agreement with Biocon Limited, India's leading biotechnology company, for the commercialization of Abraxane (paclitaxel-bound particles for injectable suspension;) in India. Under the terms of the deal, Biocon will also have the right to market this cancer drug in Pakistan, Bangladesh, Sri Lanka, the United Arab Emirates, Saudi Arabia, Kuwait and certain other South Asian and Persian Gulf countries. As part of this agreement, Abraxis will receive royalties from Biocon based on net sales of Abraxane in these countries.

"This agreement is an important step in the development of a global commercialization framework that incorporates unique country-by-country needs," said Bruce Wendel, executive vice president, corporate development for Abraxis.

In July, Abraxis submitted an application to market Abraxane in India for the treatment of breast cancer to the country's Ministry of Health and Family Welfare.