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news.Spectrum Pharmaceuticals, a biopharmaceutical company, has received $41.5 million from Allergan, a multi-specialty healthcare company, in connection with the collaboration agreement for apaziquone signed on October 28, 2008, and announced on October 29, 2008.
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Under the terms of the agreement, Allergan paid Spectrum $41.5 million within 10 days of closing and will make additional payments of up to $304 million based on the achievement of certain clinical, regulatory and commercialization milestones.
Spectrum retained exclusive rights to apaziquone in Asia, including Japan, China, and India. Allergan received exclusive rights to apaziquone for the treatment of bladder cancer in the rest of the world, including the US, Canada and Europe. In the US, Allergan and Spectrum will co-promote apaziquone and share in its profits and expenses.
Allergan will also pay Spectrum royalties on all of its apaziquone sales outside of the US. Spectrum will continue to conduct the apaziquone clinical trials pursuant to a joint development plan, with Allergan bearing 65% of these expenses.