Onconova grants Baxter EU commercialization rights for rigosertib

Onconova Therapeutics Inc. (Newton, Pa.) granted Baxter International Inc. (NYSE:BAX) exclusive rights to commercialize rigosertib in Europe. Onconova will receive $50 million up front and is eligible for up to $515 million in development and regulatory milestones, plus royalties and sales milestones. Rigosertib is in Phase III testing for myelodysplastic syndromes (MDS) and Phase II/III testing for pancreatic cancer. Initial data in MDS are expected in 2H13. An oral formulation of the dual inhibitor of phosphoinositide 3-kinase (PI3K) and polo-like kinase 1 ( PLK1) is in a Phase II trial in transfusion-dependent, low- or intermediate-risk MDS patients.

Onconova also granted Baxter an exclusive option to develop and commercialize rigosertib in Europe for additional indications. Baxter said there is no fee to exercise its option. Earlier this year, the company also made a $50 million equity investment to acquire an undisclosed minority stake in Onconova. ...