Through this agreement, Green Cross will pay a royalty on net sales of Abraxane in Korea as well as upfront and milestone payments. Green Cross will employ an exclusive sales force following regulatory and pricing approval for Abraxane in Korea.
Abraxane is based on the company’s proprietary tumor targeting technology known as the nab technology platform.
In addition, Green Cross has granted an exclusive license to Abraxis for the future commercialization of the following biosimilars in the US and Canada: erythropoetin, pegylated G-CSF (granulocyte-colony stimulating factor), Interferon-Alpha, recombinant Factor VIII and etanercept. Abraxis is responsible for the clinical development and regulatory approval. Interferon Alpha has been launched in Korea by Green Cross.
Green Cross plans to file for regulatory approval with the Korean FDA for recombinant Factor VIII in the first quarter of 2008, and Green Cross has completed Phase III studies for erythropoetin. Pegylated GCSF and etanercept are in early stages of development. Abraxis will pay a milestone on each product once approval has been received and a royalty on net sales.