Par licenses US rights to Hana's Zensana for up to $50M

Hana Biosciences has entered into an exclusive licensing agreement with fellow USA-based Par Pharmaceuticals for the development and sale of Zensana (ondansetron HCI) oral spray in North America. The agent is the first to deliver the 5-HT3 antagonist ondansetron, a standard anti-emetic therapy, in an oral spray. Under the terms of the deal, Par gains exclusive North American rights to Zensana, and will have primary responsibility for the compound's development, all regulatory filings with the US Food and Drug Administration and sales and marketing. Hana will receive an initial payment of $5.0 million through the sale of common stock at a share price of $2.00, a 25% premium. Hana may also receive up to $45.0 million in development and commercialization milestones and will be eligible for royalties on sales exceeding specified levels.