Particle Sciences, a division of Berkshire Hathaway’s Lubrizol, has signed a deal with Glenmark Pharmaceuticals for the development and marketing of a generic version of the cancer drug Abraxane.
A Glenmark press release stated “The company has entered into a strategic development, license and commercialisation agreement with Particle Sciences Inc to develop and market a generic version of Celgene’s Abraxane product – paclitaxel protein (albumin)-bound particles for injectable suspension.”
Particle Sciences will develop the product exclusively for Glenmark, which is making a generic version of Celgene’s Abraxane, a drug that had worldwide sales in 2015 of $967 million.
Abraxane is prescribed for the treatment of breast cancer after failure of combination chemotherapy for metastatic disease or relapse within 6 months of adjuvant chemotherapy.
“The partnership is a significant development in Glenmark’s complex generics strategy and we are pleased to collaborate with Particle Sciences given their strong technical capabilities and understanding of particulate injection products. This is a challenging product to develop and we expect it to remain a limited competition opportunity,” said Glenmark Pharmaceuticals’ Robert Matsuk, president – North America and global API.
Under the terms of the agreement, Particle Sciences will receive milestone payments during various stages of the product’s development from Glenmark, including royalties on sales.
About Particle Sciences
Acquired by The Lubrizol Corporation in 2015, Particle Sciences is a leading contract drug development and manufacturing organization with a comprehensive suite of services for the formulation, analysis and production of complex drug delivery solutions.
© 2016 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.