The FDA approved sublingual tablets are indicated for the management of breakthrough cancer pain (BTcP) in opioid tolerant patients.
According to the terms of the deal, Orexo will earn $10m upfront payment and $5m within the first year of closing, in addition to sales-based royalties and one time milestone payment from Galena.
Galena president and chief executive officer Mark Ahn said, "Galena’s launch of Abstral will build relationships with future prescribers of NeuVax, which is currently in global Phase 3 clinical trials in node positive HER2 IHC 1+/2+ breast cancer patients."
Abstral product is scheduled for launch in the fourth quarter of 2013.
Galena plans to enter into a non-dilutive debt financing of up to $15m to fund the acquisition and product launch.
Orexo president and CEO Nikolaj Sørensen said, "With Galena Biopharma, Orexo has found a very committed partner for Abstral in the United States, who is well positioned to realize the significant potential that exists for Abstral."