Concordia Pharma grants Japan's Ono Pharma rights to salirasib cancer drug

Florida, USA-based Concordia Pharmaceuticals, a privately-held biotech company, has granted Japanese drugmaker Ono Pharmaceutical (TYO: 4528) exclusive rights to develop and market its salirasib, a first-in-class, targeted agent for the treatment of pancreatic, non-small cell lung and colorectal cancers, in Japan.

Precise financial terms of the deal were not disclosed, but include an upfront payment to Concordia by Ono, followed by additional payments based on the successful completion of clinical and regulatory milestones, as well as royalties on sales of salirasib in Japan.

'We are enthusiastic about this agreement with Ono, which marks an important milestone for both salirasib and Concordia,' said Reginald Hardy, president of the US firm adding that 'salirasib holds exciting promise for some of the most difficult-to-treat cancers, and we are actively pursuing all opportunities to bring this compound to the next stage of clinical development and ultimately, commercialization.'