After disappointing analysts with its sales numbers for Folotyn, Allos Therapeutics ($ALTH) turned around and announced an ex-North American licensing pact for the drug which will deliver $50 million upfront and up to $310.5 million in milestones. In exchange Mundipharma International gets marketing rights outside of the U.S. and Canada.
Allos and Mundipharma also announced that they will jointly fund development costs, including approval of the MAA currently under review to market the drug in the European Union. "Development funding by Mundipharma will support jointly agreed-upon clinical development activities, including, but not limited to, the planned Phase III studies of Folotyn in previously undiagnosed PTCL and in combination with bexarotene in relapsed or refractory cutaneous T-cell lymphoma." Allos won FDA approval for refractory PTCL back in 2009 and subsequently filed in Europe.
After reviewing its first quarter performance, though, a number of analysts have been disappointed by the biotech's performance on the sales front. And that disappointment may not end anytime soon.
"The Company provided guidance for the first time for 2011, with expected FOLOTYN sales of $48-55M, well below consensus ($63M) and our estimate ($65M), noted Needham. "After a full year of commercial sales, growth has been hampered by a soft launch, short duration of therapy, and shifting marketing focus." JP Morgan offered kudos on the marketing pact but echoed concerns over the sales numbers.
- see the release on the Allos partnership deal
- here's the StreetInsider piece on the Needham analysis