Updated on 20 September 2016
Singapore: Global pharma giant Glenmark Pharmaceuticals recently inked an agreement with US-based Particle Sciences for the exclusive global commercial marketing and distribution rights of the generic version of cancer drug - Abraxane. The drug is used in the treatment of breast and pancreatic cancers.
Abraxane is an injectable drug used for the treatment of multiple types of cancer and is currently marketed by Celgene Corp. The drug had global sales of $967 million, and US sales of $654 million in 2015, Glenmark added.
As per the terms of the agreement, Particle Sciences, which is part of the Berkshire Hathaway owned - Lubrizol Corporation, will develop the drug specifically for Glenmark and in return, shall receive certain milestone payments during various stages of the product's development from Glenmark, including royalties on sales, Glenmark said in a statement.
The company further said in its statement: "Development of the product has been initiated for the US market and Glenmark intends to file the abbreviated new drug application (ANDA) in FY19, which will be subsequently filed in other key markets across the globe."
"The partnership is a significant development in Glenmark's complex generics strategy and we are pleased to collaborate with Particle Sciences given their strong technical capabilities and understanding of particulate injection products," said Robert Matsuk, president, North America and global API at Glenmark.
"This is a challenging product to develop and we expect it to remain a limited competition opportunity," Matsuk said.