Novelos Therapeutics and Lee's Pharmaceutical Sign Exclusive Collaboration Agreement in China for Cancer and Hepatitis Compounds
Novelos Therapeutics, Inc. announced that Novelos signed an exclusive license agreement with Lee's Pharmaceutical (HK) Ltd (which is 30% owned by Sigma-Tau Group through Defiante Farmaceutica Lda) to develop and commercialize in China, including Hong Kong and Macau, as well as in Taiwan, two of Novelos' compounds: NOV-002 for cancer and NOV-205 for hepatitis. NOV-002 is Novelos' lead compound in pivotal Phase 3 trial for non-small cell lung cancer under a Special Protocol Assessment (SPA) and Fast Track.
Lee's Pharmaceutical will be responsible for the cost of all clinical development, regulatory submissions and commercialization of NOV-002 and NOV-205 in China. In addition to upfront and milestone payments, Novelos will receive 20-25% royalties from Lee's Pharm on net sales of NOV-002 and 12-15% royalties on net sales of NOV-205.
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