Algeta takes up option to co-promote Alpharadin in the USA

Norwegian cancer therapeutics developer Algeta ASA (OSE: ALGETA) says that it has exercised its option to co-promote Alpharadin (radium-223 chloride), for the treatment of cancer patients with bone metastases in the USA. The drug is the subject of a licensing deal with German drug major Bayer (BAY: DE), originally worth a potential $800 million to Algeta (The Pharma Letter September 3, 2009).

Under the terms of the global development and commercialization agreement, Algeta will now be eligible to receive 50% of the profits attributable to sales of the drug in the USA and will be responsible for 50% of the costs of commercializing Alpharadin in this territory.