Bayer Partners with Orion for Cancer DrugBy
Bayer has entered into a global agreement with Orion Corporation, a pharmaceutical company based in Espoo, Finland, for the development and commercialization of the compound ODM-201, an investigational novel oral androgen receptor inhibitor. ODM-201 is in clinical development for the treatment of patients with prostate cancer. Bayer and Orion plan to start jointly the clinical Phase III program to further evaluate the efficacy and safety of ODM-201 in patients with non-metastatic castration-resistant prostate cancer (nm-CRPC) in 2014.
Under the agreement, Bayer and Orion will jointly develop ODM-201, with Bayer contributing a major share of the costs of future development. Bayer will commercialize ODM-201 globally and Orion has the option to co-promote ODM-201 in Europe. Orion will be responsible for the manufacturing of the product. Orion will receive an upfront payment of EUR 50 million ($68 million) and is eligible to receive cash payments from Bayer upon achievement of certain development, technology transfer, and commercialization milestones, as well as tiered double-digit royalties on future global net sales. Orion will use the majority of the upfront payment this year against the costs of the Phase III study to be started this year.