SANTA MONICA, Calif., Nov. 15 /PRNewswire-FirstCall/ -- American BioScience, Inc. (ABI) today announced it has licensed ABRAXANE(TM) to Taiho Pharmaceutical Co., Ltd., (Taiho) and established a Joint Steering Committee with Taiho which will oversee the development of ABRAXANE in Japan for the treatment of breast, lung, gastric, and other solid tumors. ABRAXANE is being commercialized in North America by Abraxis(TM) Oncology, a division of American Pharmaceutical Partners, Inc. .
Annual taxane sales in Japan are growing with the Japanese market for chemotherapy agents being approximately $3 billion. Taiho, which is based in Tokyo, is part of Otsuka Pharmaceutical Ltd., one of the largest pharmaceutical companies in Japan.
Under the terms of the license agreement, ABI will receive upfront and milestone payments in excess of $50 million, in addition to substantial royalties. ABI also will supply ABRAXANE for the Japanese market.
Patrick Soon-Shiong, M.D., founder, Chairman and CEO of ABI, said, "Taiho is the preeminent Japanese pharmaceutical company in the oncology chemotherapy field and we believe they are the right partner for us to build a market for and introduce ABRAXANE in Japan. They have excellent relationships with key Japanese opinion leaders, an experienced product development group with a strong track record, a powerful sales and marketing infrastructure, and an significant portfolio of oncology products. We look forward to working closely with Taiho to bring this important improvement in taxane safety and efficacy to Japanese cancer patients."
Mr. Toru Usami, President of Taiho, said, "We are very pleased to form a partnership with American BioScience, Inc. for its best-in-class product, ABRAXANE. We believe that the taxanes will continue to play an important role in cancer treatment, and ABRAXANE, with its convenient, safe and efficacious profile will provide improved therapy to cancer patients. With ABRAXANE and our other oncology related products, Taiho is determined to make improvements to cancer treatment."
ABRAXANE for Injectable Suspension (paclitaxel protein-bound particles for injectable suspension) (albumin-bound) was approved by the U.S. Food and Drug Administration in January 2005. ABRAXANE currently is indicated for the treatment of breast cancer after failure of combination chemotherapy for metastatic disease or relapse within six months of adjuvant chemotherapy. A comprehensive development program is underway for ABRAXANE to expand the indications in breast, lung, ovarian, head and neck, and melanoma cancers.
About Taiho Pharmaceutical Co., Ltd.
Taiho Pharmaceutical Co., Ltd. (Taiho) is a company engaged in discovery, development, manufacturing and marketing of pharmaceutical products, with its headquarters in Tokyo, Japan. Taiho is one of the leading companies focused on oncology. For more information about Taiho, please visit the company's Web site at www.taiho.co.jp/english/index.html.
About American BioScience, Inc.
American BioScience, Inc. (ABI) is a privately held biotechnology company focused on the discovery, development and delivery of next-generation therapeutic moieties including biologically active molecules already existing within the human biological system, for the treatment of life-threatening diseases. ABI owns a majority interest in American Pharmaceutical Partners, Inc.
About American Pharmaceutical Partners
American Pharmaceutical Partners, Inc. (APP) is a specialty drug company that develops, manufactures and markets injectable pharmaceutical products, focusing on the oncology, anti-infective and critical care markets. Abraxis Oncology, the proprietary division of APP, is devoted entirely to developing and promoting innovative, next-generation cancer therapies such as ABRAXANE(TM), recently launched for the treatment of metastatic breast cancer. For more information, visit APP's website at www.appdrugs.com and www.abraxisoncology.com.
Statements contained in this press release, which are not historical facts, are forward-looking statements, as the term is defined in the Private Securities Litigation Act of 1995. Because these forward-looking statements, whether expressed or implied, involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the successful development and subsequent market adoption of ABRAXANE in Japan, timing of and costs associated with the ongoing launch of ABRAXANE in the U.S., the market adoption and demand of ABRAXANE, the fact that actual results achieved in further Phase II and III trials for ABRAXANE may or may not be consistent with results achieved to date, the difficulty in predicting the timing or outcome of other product research and development efforts, potential product characteristics and indications, marketing approvals and launches of other products, the impact of pharmaceutical industry regulation, the impact of competitive products and pricing, the availability and pricing of ingredients used in the manufacture of pharmaceutical products, the ability to successfully manufacture products in a time-sensitive and cost effective manner, the acceptance and demand of new pharmaceutical products, the impact of patents and other proprietary rights held by competitors and other third parties, and other risk factors. These forward looking statements represent ABI's judgment as of the date of this press release. ABI disclaims any intent or obligation to update these forward-looking statements.
Contacts: Rob Whetstone/Robert Jaffe
American BioScience, Inc.