Scotia Sells Rights To Foscan For $54m
Scotia Pharmaceuticals has sold the worldwide rights to Foscan(temoporfin), its photosensitizing drug for the treatment of cancer. The two licensing agreements involved are worth an aggregate $104 million to the company.
The agreements, which are with Boehringer Ingelheim for Europe and North and South America, and with Kyowa Hakko for Japan, will bring Scotia $54 million in upfront and milestone payments, with a further $50 million expected to be invested by the licensees for the completion of Foscan's development, as well as its commercialization costs. Scotia will also receive royalties of 22%-25% on sales from the two companies on sales of the product.
Foscan is currently in Phase III trials in head and neck and laryngeal cancer, and is expected to be first marketed for these indications in 1999 (Marketletter April 7). The partners will be developing the product for esophageal, prostate and lung cancers, as well as for mesothelioma and Barrett's esophagus, a pre-malignant condition.
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