Updated on 18 March 2013
Orexo sells Abstral to Galena Biopharma in US
Singapore: Swedish company Orexo has sold Abstral (fentanyl) sublingual tablets in the US to Galena Biopharma. Under the terms of the agreement, Galena Biopharma will pay Orexo $10 million upfront and an additional $5 million within the first twelve months after signing, plus low double digit royalties and milestone payments based on pre-specified sales levels.
Abstral is the leading rapid acting fentanyl product in Europe, where it achieved full year sales of $54 million in 2012, and continues to exhibit a steady growth of 42 percent for Q4-2012 over Q4-2011. By the second half of 2012, the average volume market share of Abstral in the major European markets reached 29 percent. Abstral is marketed in Canada by Paladin Labs, and has been filed for regulatory approval in Japan by Kyowa Hakko Kirin.