TopoTarget divests Savene for EUR 6 million
02-03-2010
15:19
The biotech company TopoTarget announces the divestiture of the rights to Savene outside North and South America to SpePharm Holding for EUR 6 million, the company wrote in an announcement.
»The acquisition includes all the Savene European assets and the transition of the TopoTarget sales team in Europe to SpePharm. Totect, the US trademark for the same product, will remain with TopoTarget and continue to be promoted by the TopoTarget US sales team,« TopoTarget wrote in the announcement.
The divestiture of Savene which is an intravenously administered antidote for anthracycline extravasation, reflects TopoTarget’s continued focus on the clinical development and commercialisation of the cancer drug Belinostat.
»The divestiture funds (EUR 5 million plus the value of stock payable on settlement plus a double digit royalty on net sales capped at EUR 1 million) will be used to fuel the growth of the Belinostat clinical development program for the anticipated filing and approval in the USA for PTCL (blood cancer disease) and to continue the development of selected high potential indications,« the company wrote.
The divestiture does not change TopoTarget’s 2009 full-year financial guidance.
»The acquisition includes all the Savene European assets and the transition of the TopoTarget sales team in Europe to SpePharm. Totect, the US trademark for the same product, will remain with TopoTarget and continue to be promoted by the TopoTarget US sales team,« TopoTarget wrote in the announcement.
The divestiture of Savene which is an intravenously administered antidote for anthracycline extravasation, reflects TopoTarget’s continued focus on the clinical development and commercialisation of the cancer drug Belinostat.
»The divestiture funds (EUR 5 million plus the value of stock payable on settlement plus a double digit royalty on net sales capped at EUR 1 million) will be used to fuel the growth of the Belinostat clinical development program for the anticipated filing and approval in the USA for PTCL (blood cancer disease) and to continue the development of selected high potential indications,« the company wrote.
The divestiture does not change TopoTarget’s 2009 full-year financial guidance.
*****||*****TopoTarget divests Savene for EUR 6 million*****||*****The biotech company TopoTarget announces the divestiture of the rights to Savene outside North and South America to SpePharm Holding for EUR 6 million, the company wrote in an announcement.
»The acquisition includes all the Savene European assets and the transition of the TopoTarget sales team in Europe to SpePharm. Totect, the US trademark for the same product, will remain with TopoTarget and continue to be promoted by the TopoTarget US sales team,« TopoTarget wrote in the announcement.
The divestiture of Savene which is an intravenously administered antidote for anthracycline extravasation, reflects TopoTarget’s continued focus on the clinical development and commercialisation of the cancer drug Belinostat.
»The divestiture funds (EUR 5 million plus the value of stock payable on settlement plus a double digit royalty on net sales capped at EUR 1 million) will be used to fuel the growth of the Belinostat clinical development program for the anticipated filing and approval in the USA for PTCL (blood cancer disease) and to continue the development of selected high potential indications,« the company wrote.
The divestiture does not change TopoTarget’s 2009 full-year financial guidance.*****||*****
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