Updated on 20 November 2015
Tokyo: Nasdaq-listed Spectrum Pharmaceuticals, a biotechnology company with fully integrated commercial and drug development operations with a primary focus in Hematology and Oncology, has divested Zevalin rights in Japan and other countries in Asia Pacific (excluding China and India), Middle East, Africa and Latin America, to India's Mundipharma.
Spectrum will receive an up-front payment of $15 million plus $5 million in profits on initial Zevalin supply. Spectrum will continue to own Zevalin rights for US, Canada, and Europe.
Zevalin (ibritumomab tiuxetan) injection for intravenous use is indicated for the treatment of patients with relapsed or refractory, low-grade or follicular B-cell non-Hodgkin's lymphoma (NHL). Zevalin is also indicated for the treatment of patients with previously untreated follicular non-Hodgkin's Lymphoma who achieve a partial or complete response to first-line chemotherapy.
"This divestiture is consistent with Spectrum's strategy of focusing on our strong late state pipeline and increasing our operational effectiveness," said Rajesh C Shrotriya, MD, Chairman and Chief Executive Officer of Spectrum Pharmaceuticals.
"While providing non-dilutive cash, this deal lets us concentrate our efforts on developing drugs like SPI-2012 and poziotinib that have the potential to compete in blockbuster markets. This deal also helps us lower our cost of operations related to territories that are not strategic for Spectrum's growth. Mundipharma will be able to take over Spectrum's operations in Japan, and with reinvigorated efforts be able to better serve non-Hodgkin lymphoma patients in select ex-US countries."