Algeta signs €560 million global agreement with Bayer for development and commercialization of Alpharadin for bone metastases
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Algeta ASA announced that it has entered into a global agreement with Bayer for the development and commercialization of Algeta's first in class alpha-pharmaceutical, Alpharadin. Alpharadin is currently being evaluated in a global phase III trial in men with hormone-refractory prostate cancer (HRPC) that has spread to the bone.
Under the terms of the agreement, Algeta has an option for up to 50% co-promotion with Bayer in the United States under a profit-share arrangement. Bayer will commercialize Alpharadin globally and pay tiered double-digit royalties on net sales in markets where there is no co-promotion.
The Alpharadin deal with Bayer totals up to $800 million (€560m) to Algeta. This is made up of an upfront payment of $61 million (€42.5m) plus further cash payments based upon the achievement of certain development, production and commercialization milestones. Algeta will be responsible for manufacturing and supply of the commercial product.
Bayer will also contribute a substantial majority of the costs of future development of Alpharadin as a treatment for bone metastases resulting from HRPC and from other cancer indications, and will fully fund any additional late-stage trials.
Alpharadin is Algeta's lead cancer therapeutic. It is the first in a new class of alpha-emitting pharmaceuticals ('alpha-pharmaceutical') and is based on radium-223. Alpharadin is in a global phase III clinical trial (ALSYMPCA) designed to confirm its efficacy and safety as a targeted treatment for bone metastases in patients with HRPC. Alpharadin is administered as a simple injection and has a unique mode of action whereby it targets bone metastases specifically and exerts a highly localized effect on tumor cells while minimizing damage to normal surrounding tissues. In phase II studies, Alpharadin demonstrated strong evidence that it can prolong patient survival, improve quality of life and offer a benign safety profile.
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