Baxter, Onconova sign rigosertib licensing deal

Rigosertib, which targets dual pathways (PI-3K and PLK) critical to the growth of cancer cell, is at present in a Phase III study for the treatment of Myelodysplastic Syndromes (MDS) and in a Phase II/III study for pancreatic cancer.

Baxter BioScience business president Ludwig Hantson said, "Rigosertib’s first anticipated indication would be a natural complement to Baxter’s existing treatments for patients managing rare hematologic conditions, and will allow us to expand the product portfolio of our existing hematologic sales force."

Pursuant to the agreement, Baxter will gain commercialization rights in the European Union and other countries in Europe and in return will make $50m upfront payment to Onconova.

Onconova is also eligible to receive up to $515m in pre-commercial development and regulatory milestones for the MDS and pancreatic cancer indications, besides sales milestones and royalties.

Baxter, which has an on hand equity investment of $50m with Onconova, has the option to participate in the development and commercialization of rigosertib in additional indications.

Onconova chief executive officer Ramesh Kumar said, "The financial resources resulting from this transaction will help to advance the rigosertib program toward commmercialization and will support other Onconova candidates in clinical development including Ex-RAD, a radioprotectant, and ON 013105, our second novel anti-cancer agent."