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US companies Baxter International and Onconova Therapeutics have today announced that they are part of a European licencing agreement for rigosertib, an innovative cancer drug.

Under the agreement, Baxter will obtain commercial rights for both the EU, and other countries within Europe. The company from Deerfield, Illinois, will make an upfront payment of $50 million to Onconova. In addition, Onconova stand to receive up to $515 million in pre-commercial development and regulatory milestones, in addition to sales milestones and royalties.

Baxter has the option to participate in the development and commercialization of rigosertib in additional indications, as well as an existing equity investment with Onconova of $50 million. Onconova, a private biopharmaceutical company, is currently developing novel therapeutics for the treatment of cancer.

[ilink url=“http://www.baxter.com/press_room/press_releases/2012/09_19_12_rigosertib.html“] Link zur Quelle (Baxter)[/ilink]