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Spectrum to receive $345.5 million for Eoquin deal

This article was originally published in Scrip

Executive Summary

Spectrum Pharmaceuticals is to receive up to $345.5 million from Allergan to develop and commercialise Eoquin (apaziquone), a potential treatment for non-muscle invasive bladder cancer following surgery. The product is in two Phase III safety and efficacy trials, for which Spectrum expects to complete enrolment by the end of 2009. Under the exclusive agreement, Allergan will pay Spectrum $41.5 million at closing and an additional $304 million based on the achievement of certain development, regulatory and commercialisation milestones. Spectrum retains exclusive rights to Eoquin in Asia, including Japan and China. Allergan gains exclusive rights to the treatment in the bladder cancer indication in the rest of the world, including the US, Canada and Europe. The two companies will co-promote Eoquin in the US and will share its profits and expenses. Allergan will pay Spectrum royalties on all of its Eoquin sales outside the US. Spectrum will continue the Eoquin clinical trials through a joint development plan, with Allergan being responsible for most of the costs. Around 70% of all patients newly diagnosed with bladder cancer have non-muscle invasive bladder cancer and it is believed to affect more than one million patients in the US and Europe.

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