Abraxis, ProMetic ink $295M deal for four drugs

Abraxis has signed a $295M licensing deal with ProMetic Life Sciences to develop and market four biotech drugs. The companies didn't say which programs they woud be collaborating on, only that the drugs address "underserved medical conditions." Abraxis will make a $7 million investment in ProMetic and has the option to increase that investment to $25 million. The deal includes access to ProMetic's protein technologies to commercialize the four drugs. Abraxis will fund all development costs to regulatory approval.

"ProMetic is providing us with proven technologies enabling the development and manufacturing of four valuable therapeutics, while Abraxis' corporate and financial resources will significantly accelerate their commercialization," stated Patrick Soon-Shiong, M.D., CEO of Abraxis. The drug could be worth up to $600 million a year if approved.

- check out the release for more

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