Spectrum Pharma (SPPI) and Handok Pharma Announce Plans for Apaziquone Development in South Korea
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Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) and Handok Pharmaceuticals Co., Ltd., a fully integrated Korean pharmaceutical company, today announced a collaboration for the development and commercialization of apaziquone in South Korea. Apaziquone is an antineoplastic agent currently being investigated for the treatment of non-muscle invasive bladder cancer by intravesical instillation.
Spectrum Pharmaceuticals has previously entered into a strategic collaboration with Allergan, Inc. (NYSE: AGN) for North America, Europe, and other key markets and Nippon Kayaku Co., Ltd. for Asian countries excluding South Korea.
Under the terms of the agreement, Handok will pay Spectrum an upfront payment and potential milestone payments totaling over $19MM. The potential milestones will be based on the achievement of certain regulatory and commercialization milestones. Handok received rights to apaziquone for the treatment of non-muscle invasive bladder cancer in South Korea. Handok will conduct the apaziquone clinical trials pursuant to a development plan and will be responsible for all expenses relating to the development and commercialization of apaziquone in South Korea.
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