VPRO - .023 x .024 -
Spectrum Pharmaceuticals In Deal With Viropro For Cancer DrugFont size: A | A | A7:44 AM ET 1/5/11 | Dow Jones
DOW JONES NEWSWIRES
Spectrum Pharmaceuticals Inc. (SPPI) signed a deal with biopharmaceutical company Viropro Inc. (VPRO) to develop a biosimilar version of Swiss pharmaceutical giant Roche Holding AG's (RHHBY, ROG.VX) cancer drug rituximab ahead of its U.S. patent expiration in 2015.
The agreement comes as a wave of patent expirations looms over large pharmaceutical companies. Rituximab, used in the treatment of many lymphomas, leukemias, transplant rejection and some autoimmune disorders, saw worldwide sales of about $5.6 billion in 2009.
Financial terms weren't disclosed, nor were other details of the collaboration.
Biosimilar drugs are officially approved versions of biopharmaceutical products made by a different company as patent and exclusivity expire on the product.
Biotech company Spectrum, which has a focus on cancer treatment, has been focused on making another push to improve the weak sales of its leading drug Zevalin. In its most recent quarterly results, Spectrum swung to a loss as it spent more to market Zevalin and another drug, Fusilev, which treats a vitamin deficiency in patients who have been treated with chemotherapy for colorectal cancer.
Meanwhile, Roche, the world's biggest maker of cancer drugs, is facing pressure as the U.S. Food and Drug Administration in December revoked approval of blockbuster drug Avastin for the treatment of breast cancer.
Spectrum shares were inactive premarket and closed Tuesday at $6.88. The stock is up 48% over 12 months.
-By Lauren Pollock, Dow Jones Newswires; 212-416-2356; lauren.pollock@dowjones.com;
