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news.US-based biopharmaceutical company OncoGenex Pharmaceuticals has announced that it has granted to Eagle Pharmaceuticals, the exclusive worldwide rights to develop and commercialize Tocosol Paclitaxel.
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Under the terms of the agreement, OncoGenex is entitled to receive royalty payments from future Tocosol Paclitaxel sales and a percentage of sub-licensing royalty and milestone payments received by Eagle Pharmaceuticals.
All development expenses are the sole responsibility of Eagle Pharmaceuticals. No upfront payments or milestone payments were included in this transaction and no further terms have been disclosed.
Tocosol Paclitaxel was previously developed by Sonus Pharmaceuticals prior to the combination of Sonus and OncoGenex Technologies to form the company on August 21, 2008.
Scott Cormack, president and CEO of OncoGenex Pharmaceuticals, said: “We intend to focus all of our efforts on the deep pipeline we currently have in development, including OGX-011 which is completing five Phase II clinical studies in prostate, breast and lung cancers.
“Tocosol Paclitaxel was not part of that strategy, and we are pleased to be able to out-license the program to an organization with interest in continuing development of this product candidate.”