S*Bio of Singapore Sells Cancer Drug Rights to MEI Pharma (MEIP) (Formerly known as Marshall Edwards, Inc.) (MSHL) for $75 Million  
8/10/2012 2:24:37 PM

by Richard Daverman, PhD

August 10, 2012 -- S*BIO of Singapore has sold worldwide rights for a clinical stage oncology drug to MEI Pharma of San Diego. Pracinostat is an oral histone deacetylase (HDAC) inhibitor. The drug has completed Phase II clinical trials in patients with hematologic disorders such as acute myeloid leukemia and myelofibrosis. To make the acquisition, MEI Pharma will issue $500,000 of common stock to S*BIO, and it agreed to pay S*BIO up to $75.2 million if clinical, regulatory and sales milestones are met. The agreement also calls for low single-digit contingent earn-out payments based on net sales. More details....

Stock Symbol: (NSDQ: MEIP)