Acusphere Licenses Hydrophobic Drug Delivery System to Cephalon for $10 Million
News Apr 01, 2008
Acusphere Inc. has announced that it has signed an agreement to license the intellectual property rights to its Hydrophobic Drug Delivery System™ (HDDS) for oncology applications, along with the rights to AI-850, its formulation of paclitaxel, to Cephalon, Inc., in exchange for a cash payment of $10 million.
“We are very pleased with the terms of this transaction, which establishes a strong value for part of our technology platform that is at an early stage of development,” said Sherri C. Oberg, President and CEO of Acusphere.
“We are confident that Cephalon is the right partner for one application of this important technology, given its strong focus on oncology. Just six months ago, we announced that AI-850 was a potential bio-equivalent to the one of the fast-growing anti-cancer drugs, Abraxane®. This transaction confirms the potential for our technology in the oncology arena, which is one of many potential applications for our HDDS technology.”
Frank Baldino, Jr., Chairman and CEO of Cephalon, stated, “Cephalon has a growing oncology business with a deep and diverse portfolio of marketed products and pipeline compounds. The addition of the HDDS technology, and AI-850 in particular, will build on our expertise and expand our oncology portfolio.”