Abraxis starts Abraxane breast cancer trial in Japan; Taiho pays $3 million

By Elaine Rigoli

Tampa, Fla., July 13 - Abraxis BioScience, Inc. has received a $3 million milestone payment from Taiho Pharmaceutical Co., Ltd. for the start of a phase 1 clinical trial for breast cancer drug Abraxane.

On May 27, 2005, Abraxis entered into a license agreement with Taiho, a subsidiary of Otsuka Pharmaceutical Ltd., under which Abraxis granted to Taiho the exclusive rights to market and sell Abraxane in Japan.

A joint committee was also established to oversee the development of Abraxane in Japan for the treatment of breast, lung and gastric cancer and other solid tumors.

The Japanese market for chemotherapy agents currently accounts for about $2.6 billion, according to a news release.

At the signing of the licensing agreement, Taiho paid the company an upfront payment of $20 million. Abraxis is entitled to additional payments of $35.5 million, which excludes the milestone payment just received, upon the achievement of various clinical, regulatory and sales milestones.

Abraxane received approval by the Food and Drug Administration in January 2005 for the treatment of metastatic breast cancer after failure of prior chemotherapy. In June 2006, Abraxane was approved in Canada for the treatment of metastatic breast cancer.

Abraxis is an integrated global biopharmaceutical company with headquarters in Los Angeles.

Taiho is a pharmaceutical company with headquarters in Tokyo.

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