BELLEVILLE, Ont. — Bioniche Life Sciences Inc. (TSX:BNC) shares soared Friday after it announced a multimillion-dollar deal to sell the exclusive right to develop and market its bladder cancer drug Urocidin in the United States to Endo Pharmaceuticals Inc. (Nasdaq: ENDP).
The deal, which includes an option for global rights, calls for an up-front cash payment of US$20 million to Bioniche with the potential for up to US$110 million in additional payments based on clinical, regulatory and commercial milestones.
In addition, Bioniche will manufacture the product and receive a transfer price for supply.
Bioniche shares soared after the early-morning announcement, closing Friday on the TSX up 12 cents or 26 per cent at 58 cents a share on volume of 1,846,287 shares.
Bioniche CEO Graeme McRae described Endo as "the optimal development and commercialization partner for Bioniche, given its understanding of the bladder cancer market and breadth of pharmaceutical industry experience."
"We look forward to advancing the Urocidin development and commercialization program in collaboration with the Endo team," he said.
"Equally, we are very excited about the potential returns to Bioniche and its shareholders following commercialization of Urocidin."
The first of two Phase 3 U.S. Food and Drug Administration-approved and fast-track designated registration trials with Urocidin is nearing complete enrolment, the companies said.
In North America, bladder cancer is the fourth most common cancer in men and in the top 10 among women.
Bioniche Life Sciences Inc. is a Canadian biopharmaceutical company focused on the discovery, development, manufacture and marketing of proprietary products for human and animal health markets worldwide.
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