Pharmion signs $270M licensing deal for GPC's satraplatin

US drug maker Pharmion has agreed to pay $37.1 million up front and a potential total of up to $270 million in milestones for some of the marketing rights to GPC Biotech's cancer drug satraplatin. Pharmion gains the rights to Europe, Turkey, the Middle East, Australia and New Zealand while Germany's GPC keeps North America and all other markets. GPC will also earn royalties from any sales. Satraplatin is in late-stage trials for prostate cancer and is estimated to be worth about $500 million a year in sales following approval. The deal lays the groundwork for GPC to assemble a sales force in the US.

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