Onyx Pharma gets Japanese drug development deal with potential value of more than $300 millionBy AP
Wednesday, September 8, 2010
Onyx Pharma enters Japanese drug development deal
EMERYVILLE, Calif. — Onyx Pharmaceuticals Inc. said Wednesday it could receive more than $300 million through an agreement with Ono Pharmaceutical Co. Ltd. to develop and sell two potential cancer treatments in Japan.
Onyx, which is based in Emeryville, Calif., will receive an upfront payment of about $59 million and then development and sales-based payments that could total up to about $280 million. The deal also calls for royalty payments based on Japanese sales.
Ono, a Japanese drugmaker, will have rights to develop and commercialize the compounds carfilzomib and ONX 0912 for all oncology indications in Japan. Onyx retains rights in other countries in Asia as well as the United States and Europe.
Onyx expects to submit carfilzomib to the U.S. Food and Drug Administration for approval by the end of the year. ONX 0912 is in early-stage testing.
Tags: Asia, California, Drug-related Crime, East Asia, Emeryville, Japan, North America, United States