TopoTarget licences blood cancer drug to Spectrum
Copenhagen/Irvine – Danish TopoTarget A/S has granted Spectrum Pharmaceuticals Inc the rights to market its blood cancer blockbuster drug candidate, Belinostat, in North America, India and China. Under terms of the agreement, Spectrum will pay $30m upfront for the first-in-class HDAC inhibitor, which is currently being tested in a phase III registration trial in relapsed or refractory Peripheral T-Cell Lymphoma as a monotherapy, with the expectation that it will be registered next year. In addition, the deal includes potential milestone payments of up to $320 million, and one million shares of Spectrum common stock, based upon the successful achievement of development, regulatory and commercial milestones, as well as double-digit royalties on net sales of Belinostat. TopoTarget will use the funds for commercialisation of its drug in Europe, Japan and the rest of the world and expects worldwide peak sales of $64m in this indication. While there are only 66,000 new cases per year and no treatment available, Belinostat has been granted Orphan Drug status and fast track designation by the FDA. The HDAC inhibitor shows no significant bone toxicity and thus can be combined with full dose chemotherapy regimens. If also approved in Carcinoma Of Unknown Primary (CUP) peak sales of $1.2bn are anticipated Spectrum and TopoTarget will jointly fund development activities, whereby new clinical trial costs will be borne 70% by Spectrum and 30% by TopoTarget.