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news.Dara BioSciences has gained exclusive US marketing rights to Soltamox, a liquid formulation of tamoxifen for the treatment of breast cancer, through the acquisition of Oncogenerix.
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The FDA-approved Soltamox is used primarily for the chronic treatment of breast cancer or for prevention in certain susceptible breast cancer subgroups.
Under the terms of the merger agreement, Oncogenerix shareholders received a total of 1,114,560 shares of Dara common stock at closing and also will have the opportunity to receive up to an additional 1,114,560 shares of Dara common stock based upon the achievement of certain milestones during the 60 months following the closing date.
Dara president and CEO David J. Drutz said the acquisition of Oncogenerix, and the rights to Soltamox, leverage the company’s existing cancer drug development program, and provide Dara with the possibility of generating revenue in 2012.
”We believe there is considerable upside potential in the markets for oral liquid formulations of other FDA approved products as well as sterile injectable cytotoxics,” Drutz added.
Currently, Soltamox is marketed in the UK and Ireland, and the company anticipates to be actively marketing and selling Soltamox later this year.
Oncogenerix CEO Christopher Clement and Savient Pharmaceuticals’ former CEO will join Dara as a director and as chief operating officer.