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Abraxis signs Abraxane licensing agreement with Indiaís Biocon

US-based biopharmaceutical company Abraxis BioScience has signed a licensing agreement with Indian biotech Biocon to commercialise the breast cancer drug Abraxane in India

US-based biopharmaceutical company Abraxis BioScience has signed a licensing agreement with Indian biotech Biocon to commercialise the breast cancer drug Abraxane (paclitaxel) in India.

Under the terms of the agreement, Biocon will have the right to market Abraxane in Pakistan, Bangladesh, Sri Lanka, the United Arab Emirates, Saudi Arabia, Kuwait and certain other South Asian and Persian Gulf countries.

Abraxis will receive royalties from Biocon based on net sales of the drug in these countries.

Bruce Wendel, executive vice-president of corporate development for Abraxis, said: "This agreement is an important step in the development of a global commercialisation framework that incorporates unique country-by-country needs. Importantly, we are pleased that this partnership with Biocon affords us the opportunity to bring Abraxane to these countries while broadening our existing relationship with Biocon."

In July 2007, Abraxis submitted to India's Ministry of Health and Family Welfare an application to market Abraxane in India for the treatment of breast cancer.

Abraxis Q1 FY07 revenue increased 134 per cent to reach USD 70.9m, which included USD 61.8m of net sales, compared with revenue of USD 30.3m in Q1 FY06. The Q1 revenue included USD 9.1m in deferred revenue related to the June 2006 AstraZeneca co-promotion agreement for the US. Abraxane net sales for Q1 FY07 increased 31 per cent compared with Q4 FY06.

9th August 2007

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