GTx Inc. (GTXI) has sold its rights and related assets in the metastatic breast cancer product, Fareston, to ProStrakan Group plc (PSK.L,PKNGF.PK) for $21.7 million. After deducting cash expenses relating to the transaction, GTx would receive net cash proceeds from the sale of about $19 million. Fareston 60 mg tablets is a selective estrogen receptor modulator approved in the U.S. to treat metastatic breast cancer in postmenopausal women.
ProStrakan, an unit of the pharmaceutical company, Kyowa Hakko Kirin Co. Ltd., executed an Asset Purchase Agreement with GTx to acquire GTx's exclusive rights in the U.S. to Fareston, along with product inventory. In relation with the transaction, GTx and Orion Corp. agreed to terminate their long-standing license and supply deal for Fareston and other toremifene-based products, and Orion and ProStrakan inked a new exclusive license and supply deal for Orion to manufacture and supply Fareston to ProStrakan in the U.S. Torreya Partners LLC served as financial advisor to GTx for the transaction.
Mitchell Steiner, M.D., CEO of GTx, observed that "with the sale of Fareston, GTx can now focus its research and development capabilities to discover, develop and commercialize small molecules, like enobosarm, for the prevention and treatment of muscle wasting in patients who have non-small cell lung cancer and Capesaris® for men with advanced prostate cancer."
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