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Clinigen shares soar after $210m Novartis cancer drug deal

Published on 13/02/19 at 09:49am

British company Clinigen has bought the rights to sell Novartis’ cancer drug Proleukin in the United States in a deal worth $210 million.

Clinigen, a growing speciality pharma group, already sells Proleukin outside of the US. Proleukin is used to treat metastatic kidney cancer and metastatic melanoma.

Clinigen will pay an initial sum of $120 million for the US rights alongside a further $60 million which will be differed for a year. The remaining $30 million will be paid dependent on the drug reaching certain sales milestones.

Proleukin generated $60 million in US sales last year. Clinigen believe the drug could become an integral component of cancer combination therapies.    

“This highly earnings enhancing acquisition of US rights to Proleukin is significant to the whole group not just the commercial medicines division,” said chief executive Shaun Chilton.

Shares in the firm were up by nearly 15% on announcement of the news.

Louis Goss

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