Spectrum Enters Into Collaboration Agreement With Handok

Spectrum Pharmaceuticals (Spectrum) and Handok Pharmaceuticals (Handok) have entered into collaboration for the development and commercialisation of apaziquone in South Korea. Apaziquone is an antineoplastic agent currently being investigated for the treatment of non-muscle invasive bladder cancer by intravesical instillation.

As per the terms of the agreement, Handok is expected to pay Spectrum an upfront payment and potential milestone payments totaling over $19m. The potential milestones will be based on the achievement of certain regulatory and commercialisation milestones.

Handok has received rights to apaziquone for the treatment of non-muscle invasive bladder cancer in South Korea. Handok will conduct the apaziquone clinical trials pursuant to a development plan and will be responsible for all expenses relating to the development and commercialisation of apaziquone in South Korea.

Reportedly, Spectrum is currently conducting two phase 3 clinical trials to investigate apaziquone’s safety and efficacy in non-muscle invasive bladder cancer. Spectrum’s goal is to complete enrollment in both phase 3 studies by year-end 2009.

Rajesh Shrotriya, chairman, president and CEO of Spectrum, said: “This collaboration with Handok completes the company’s stated objective of achieving solid strategic partnerships that are aimed at fully exploiting developmental goals for apaziquone on a worldwide basis.We are delighted to partner apaziquone with an established Korean company.”

Young-Jin Kim, chairman and CEO of Handok, said: “Apaziquone is a strategic fit for Handok. Urology is one of the areas where we are trying to expand and we believe Spectrum’s apaziquone will strengthen our presence in the field. We look forward to working with Spectrum in developing apaziquone for non-muscle invasive bladder cancer in South Korea.”