Galena Biopharma Inc. (GALE) announced it has entered into an agreement with Orexo AB, a specialty pharmaceutical company based in Sweden, to acquire Abstral Sublingual Tablets for sale and distribution in the United States. Galena Biopharma will pay Orexo $10 million upfront and $5 million within the first twelve months of closing, plus low double digit royalties and one-time milestone payments based on pre-specified net sales.
Abstral is a new treatment option for inadequately controlled breakthrough cancer pain, or BTcP, in patients who are already receiving, and who are tolerant to, opioid therapy for their persistent baseline cancer pain. Abstral provides rapid relief of BTcP, predictable dosing, and is convenient and easy to use. Abstral was approved by the U.S. FDA in January 2011.
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