PharmaMar, Chugai in second cancer deal

PharmaMar S.A. (Madrid:PHM) said it granted Chugai Pharmaceutical Co. Ltd. (Tokyo:4519) rights in Japan to lurbinectedin (PM1183). The candidate is in Phase III studies to treat two forms of cancer. PharmaMar added EUR 0.27 (10%) to EUR 2.87 on the news.

The Spanish biotech is to receive EUR 30 million ($31.4 million) up front, and is eligible for more than EUR 100 million ($104.6 million) in milestones, plus royalties...