Abraxis Signs Agreement with Green Cross Corporation for the Commercialization of ABRAXANE in Korea
Abraxis BioScience, Inc. has announced that it has granted an exclusive license to Green Cross Corporation for the commercialization of ABRAXANE® (paclitaxel protein-bound particles for injectable suspension) (albumin-bound) in Korea. Through this agreement, Green Cross will pay a royalty on net sales of ABRAXANE in Korea as well as upfront and milestone payments.
Green Cross is responsible for the commercialization of ABRAXANE in Korea and will employ an exclusive sales force following regulatory and pricing approval for ABRAXANE in that country. ABRAXANE is currently co-promoted in the United States with AstraZeneca. Other global partnerships for the commercialization of ABRAXANE are with Taiho Pharmaceuticals in Japan and Biocon Limited in India.
ABRAXANE is based on Abraxis' proprietary tumor targeting technology known as the nab™ technology platform. This nab technology platform is the first to maximize the tumor's biology against itself, taking advantage of an albumin-specific, receptor-mediated transport system and allowing the delivery of a drug from the vascular space across the blood vessel wall to the underlying tumor tissue.
In addition, Green Cross has granted an exclusive license to Abraxis for the future commercialization of the following biosimilars in the U.S. and Canada: erythropoetin, pegylated G-CSF (granulocyte-colony stimulating factor), Interferon-Alpha, recombinant Factor VIII, and etanercept.
Abraxis is responsible for the clinical development and regulatory approval. Interferon Alpha has been launched in Korea by Green Cross. Green Cross plans to file for regulatory approval with the Korean FDA for recombinant Factor VIII in the first quarter of 2008, and Green Cross has completed Phase III studies for erythropoetin. Pegylated GCSF and etanercept are in early stages of development. Abraxis will pay a milestone on each product once approval has been received and a royalty on net sales.