Q BioMed Inc., a biotechnology company, has entered into agreement to acquire the metastatic skeletal cancer palliation drug, Metastron, from GE Healthcare.
The agreement gives Q BioMed ownership of the brand, trademarks, and market authorizations in 22 countries. In addition, all historical and current sales and distribution data related to those market authorizations will be assigned or transferred to Q BioMed to allow for a transition in all markets.
“Strategically, (the deal) affirms our belief in this drug as an effective and underutilized non-opioid therapy for the treatment of debilitating pain associated with skeletal cancer metastases,” said Q BioMed CEO Denis Corin.
The acquisition agreement with GE Healthcare calls for an undisclosed upfront payment, one milestone payment based on sales, and a single digit royalty for 15 years. The first commercial sale of Metastron is expected to occur after the successful transfer or assignment of all IP, material sales, and distribution data, technical transfer, and establishment of manufacturing capabilities to be made by Q BioMed under the appropriate regulatory filings required by the jurisdictions in which Metastron is sold.
The complete transfer and establishment of approved manufacturing facilities will take several months with the relevant international health authorities.
(Source: Q BioMed)
