Algeta concludes agreements for the manufacture and supply of Alpharadin for future commercial sale
Triggers EUR 5 million milestone payment from Bayer Schering Pharma
The signing of these agreements triggers a EUR 5 million milestone payment from Bayer Schering Pharma, Algeta's development and commercial partner for Alpharadin.
The first agreement, with Bayer, provides that Algeta will be the exclusive supplier of Alpharadin for future commercial sale.
The second agreement sees Algeta significantly extend its collaboration with Oslo's Institute for Energy Technology (IFE), which currently manufactures Alpharadin for Algeta/Bayer's ongoing ALSYMPCA phase III study and clinical trials in other cancer indications. Under the terms of this second agreement, IFE, in conjunction with Algeta, will commence an expansion of the existing Alpharadin production facility at IFE. The upgrade, which will be paid for by Algeta, will create a state-of-the-art manufacturing facility to supply the expected commercial demand around the world following approval and launch.
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