Orion's marketing rights for Paclical® Vet (paclitaxel) expanded European-wide
With a license and distribution agreement closed yesterday with Oasmia Pharmaceutical AB, Sweden, the Animal Health business of Orion Corporation has received rights for additional markets to sell Paclical® Vet (paclitaxel), a new cancer treatment for dogs under development by Oasmia. While the earlier agreement closed in late March 2008 provided Orion with the rights to market Paclical Vet in the Nordic and selected Eastern European countries, Orion's marketing territory for the product was now expanded to cover the whole Europe. In late 2007, Orion already entered a licensing agreement with Oasmia for human Paclical® (paclitaxel) for the treatment of ovarian cancer.
Paclical Vet fits ideally to Orion's portfolio of veterinary medicines and company strategy which emphasises European-wide operations and innovation. Paclical Vet is a new nano particle formulation developed by Oasmia of paclitaxel, a cytostatic used in the treatment of cancers. Oasmia is conducting major clinical studies with Paclical Vet for the treatment of mastocytoma in dogs, a malignant form of skin cancer. Paclical, a formulation for human use, is being studied for ovarian cancer in Phase III. Oasmia is responsible for the clinical development, registration and production of Paclical Vet. If the product receives marketing authorisations, it will be the first - and a very innovative - cancer treatment indicated for veterinary use.
Based on the new agreement, Orion will pay altogether about EUR 8 million to Oasmia consisting of a signing fee of EUR 3.25 million and later milestones tied to the progress of the development program, approvals and sales performance. On the possible sales revenues Orion will pay royalties to Oasmia.
Paclical is a novel water soluble, solvent-free nano particle formulation based on the well known cytotoxic agent paclitaxel. The unique properties of Paclical are based on Oasmia's nanotechnologically produced excipient and micellar model XR-17 which are protected by international patents. The novel platform makes paclitaxel hydrophilic, no premedication are necessary, short infusion time can be used, and the solution contains nanoparticles in the size of 25 nm which facilitate the infusion.
Contact person at Orion:
Satu Ahomäki, SVP, Animal Health, phone +358 50 966 7616
02200 Espoo, Finland
Orion is a European pharmaceutical and diagnostics company which emphasises the development of innovative medicinal treatments and diagnostic tests for global markets. Orion develops, manufactures and markets pharmaceuticals for humans and animals, active pharmaceutical ingredients as well as diagnostic tests. Orion's clientele consists mainly of healthcare service providers and professionals. The Group's net sales in 2007 were EUR 683.6 million and in the end of 2007 there were about 3,170 employees working for the Group. Orion's stocks are listed on the Nasdaq OMX Nordic Exchange Helsinki.