Spanish Zeltia bags milestone payment
27.04.2012 - Zeltia Group has received €19m from its partner Johnson & Johnson. Progress with the cancer drug Yondelis triggered the milestone payment.
Madrid – Zeltia’s oncology subsidiary PharmaMar S.A. has received a second €19m milestone payment from Yondelis (trabectedin) ex-Europe partner Janssen, a Johnson & Johnson company. This follows the December 2011 receipt of €19m paid on agreement of a new US development plan. In late December 2011, PharmaMar reached the agreement with J&J subsidiary Janssen to push forward the development of Yondelis (trabectedin) in the US, with studies using the anti-tumour drug for the treatment of recurrent ovarian cancer and L-sarcoma.
Under the terms of the agreement, PharmaMar received a first €19m milestone payment at the end of 2011. On top of the actual €19m payment further €60m of milestones may fall due in 2013/2015, in addition to the economics agreed at the time of the original license. The PharmaMar mother company is approaching additional key pipeline catalysts, with an interim analysis of the ADMYRE study of Aplidin in relapsed/refractory multiple myeloma expected soon. An interim analysis of the Phase II PM01183 trial in resistant ovarian cancer and results of a Phase II study of Nypta (tideglusib) in Alzheimer’s disease, are both due at the end of the year. Yondelis is already marketed for the treatment of advanced soft tissue sarcoma and ovarian cancer in Europe, Russia and South Korea. Yondelis sales growth to €80m (+12%) in 2011 was hampered by supply issues with Doxil, with which it is administered in ovarian cancer. However Yolendis sales declined in Q1/2012 compared to the first quarter in 2011.http://www.european-biotechnology-news.com/news/news/2012-02/spanish-zeltia-bags-eur19m-milestone-payment.html