Oasmia Pharmaceutical AB and Elevar Therapeutics Inc. have signed a global strategic partnership deal regarding the development and commercialization of Oasmia’s proprietary anticancer product Apealea®. The agreement includes an upfront payment of USD 20 million and milestone payments with the potential for up to USD 678 million in future payments depending on Elevar’s achievement of certain sales milestones, clinical development milestones and regulatory approval milestones. Elevar will also pay Oasmia double-digit royalties on sales of Apealea®.
Apealea® incorporates Oasmia’s proprietary nanoparticle-micellar XR17 platform technology together with paclitaxel. Clinical studies have demonstrated that Apealea® is an effective treatment for several types of cancers, including ovarian cancer, with strong benefits for patients. It is approved by the European regulatory authorities and this strategic partnership will help make the chemotherapy drug available globally.
Latham & Watkins LLP represented Swedish-based Oasmia Pharmaceutical AB in the transaction with a team led by Bay Area partner Judith Hasko and London associate Frances Stocks Allen, with support from London associate Oliver Mobasser and Bay Area associate Jekkie Kim. Advice was also provided on tax matters by Bay Area partner Kirt Switzer.