GTx, Orion, Kyowa Hakko Kirin sales and marketing update

GTx and Orion terminated an expanded 2000 deal granting GTx exclusive, worldwide rights to toremifene for all indications in the U.S. and worldwide rights for all indications except breast cancer. In conjunction with the deal termination, GTx sold its U.S. rights to breast cancer drug Fareston toremifene citrate 60 mg to Kyowa's ProStrakan Group plc subsidiary for $21.7 million in cash. As a result, Orion granted ProStrakan an exclusive license to market Fareston in the U.S. Torrey Partners acted as financial advisor to GTx. Fareston, a non-steroidal selective estrogen receptor modulator (SERM), is approved in the U.S. to treat metastatic breast cancer in postmenopausal women. GTx reported $3.5 million in Fareston sales for the six months ended June 30 (see BioCentury, Dec. 20, 2004). ...