Biopharmaceutical development company ChemGenex Pharmaceuticals Ltd
(ASX:CXS) has reached a deal with global pharmaceutical company Hospira to develop and commercialise ChemGenex’s product to treat patients with chronic myeloid leukemia.
Under the terms of the agreement Hospira will make an initial payment of $17.8 million with the potential for up to an additional $119.4 million in performance milestone payments for the rights to ChemGenex’s omacetaxine in Europe, the Middle East and parts of Africa.
ChemGenex CEO Greg Collier says the company is pleased to announce this important agreement, in keeping with its corporate strategy of partnering in Europe and other parts of the world as the company prepares for the launch of omacetaxine in the US if approved.
ChemGenex posted a loss of $25.94 million for 2009.
