Tocosol paclitaxel has shown promising safety and anti-tumor activity in phase II clinical trials in a variety of solid tumors, and the product is currently in a phase III pivotal study for the potential treatment of metastatic breast cancer. Schering and Sonus expect to submit a new drug application for this indication by the end of 2007.
Under the terms of the agreement Schering will take approximately 15% equity investment in Sonus Pharmaceuticals, which will also receive an upfront fee, milestone payments and royalties
“We are delighted to have reached this agreement with a leading global player in the pharmaceutical industry,” said Michael Martino, president and CEO of Sonus Pharmaceuticals. “Schering shares in our belief that Tocosol paclitaxel has solid competitive advantages that could differentiate it from other taxane products.”