Prometheus acquires US rights to Proleukin from Novartis
This article was originally published in Scrip
Prometheus Laboratories has acquired exclusive rights to commercialise Novartis's Proleukin (aldesleukin) in the US.
Proleukin is a recombinant human interleukin-2 for the treatment of adults with metastatic melanoma and metastatic kidney cancer. Proleukin's net sales last year were around $75 million in its only market, the US, where it has been approved in these indications for more than 10 years. Novartis acquired the product through its 2006 buy-out of Chiron.
Under the agreement Novartis received an upfront fee and will receive royalties on net sales of Proleukin in the US. Novartis is also eligible to receive potential sales milestones. US-based Prometheus will have the option to extend the initial six-year term on an annual basis for up to an additional six years. Furthermore, the companies will have an option to amend the agreement to include the rest of the world if certain conditions are met.
A portion of the proceeds from Prometheus's previously announced $260 million senior secured credit facility was used to finance this transaction (scripnews.com, January 8th, 2010). Additional financial details were not disclosed.
"This represents a transformational event for Prometheus as we continue to build our oncology presence and execute on our integrated therapeutics and diagnostics business model," said Joseph Limber, president and chief executive of Prometheus.
Novartis is keen to focus on the bigger oncology picture, having stated its objective to catch up with Roche, the biggest pharmaceutical company in the oncology space in terms of sales (scripnews.com, December 14th, 2009). Novartis's fourth-quarter oncology sales grew by 14% to $2.5 billion, it revealed yesterday (scripnews.com, January 26th, 2010).