Spectrum, GPC Biotech license cancer drug satraplatin to Pharmion

By Angela McDaniels

Seattle, Jan. 23 - Spectrum Pharmaceuticals Inc. said co-development partner GPC Biotech AG has licensed to Pharmion Corp. exclusive commercialization rights for the cancer drug satraplatin in Europe, Turkey, the Middle East, Australia and New Zealand.

Under the agreement, Spectrum will receive up to $40 million in regulatory and sales milestone payments. Such payments are in addition to the $18 million regulatory milestones under the original license agreement with GPC Biotech.

Spectrum will continue to receive a royalty on worldwide sales of satraplatin.

"The significant financial commitment by Pharmion will help accelerate the development of additional indications and thus maximize the market potential of satraplatin," Spectrum chairman, chief executive officer and president Rajesh C. Shrotriya said in a company news release.

Spectrum said that GPC Biotech will likely complete the rolling submission of a New Drug Application for satraplatin to the Food and Drug Administration in the second half of 2006 and that Pharmion expects to submit a Marketing Authorization Application with the European Agency for the Evaluation of Medicinal Products in 2007.

Satraplatin is a platinum-based drug being developed as a treatment for hormone-refractory prostate cancer. Worldwide sales of platinum drugs exceeded $2.2 billion in 2004, the company said.

Spectrum is a specialty pharmaceutical company based in Irvine, Calif., that acquires, develops and commercializes prescription drug products for the treatment of cancer and other unmet medical needs.

GPC Biotech AG is a biopharmaceutical company based in Martinsried/Munich, Germany, that develops anti-cancer drugs.

Pharmion is a pharmaceutical company based in Boulder, Colo., that acquires, develops and commercializes hematology and oncology products.

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