Hospira, Stada in pact to develop new biosimilar

Hospira and Germany's Stada Arzneimittel have announced plans to develop a biosimilar version of erythropoietin, which is used to treat anemia in dialysis and cancer patients. Stada gains a $21 million upfront payment and up to $34 million in milestones while Hospira gains exclusive European sales rights. These biosimilar deals in Europe are adding to pressure in the U.S. to create a regulatory pathway for generic biotech drugs.

"Developing and providing access to biosimilars is a natural extension of Hospira's leadership position in generic injectable pharmaceuticals and an important part of our strategy of investing for growth," said Hospira CEO Christopher B. Begley.

- here's the release for more information