IAF BioChem International Inc. has signed a previouslyannounced agreement with Glaxo Canada Inc. to develop afamily of anti-cancer compounds.
The compounds, anthracycline analogs, have shown promise inpreclinical studies against melanoma, breast and colon cancersresistant to available chemotherapies. Existing anthracyclinecompounds include doxorubicin and daunorubicin.
The collaborative agreement, initially for two years, includes anundisclosed amount of research funding from the whollyowned subsidiary of Glaxo Holdings p.l.c.
The joint venture will have exclusive worldwide manufacturingrights to the drugs, as well as certain marketing rights in NorthAmerica. BioChem will receive royalties on sales of products byGlaxo. Details of the marketing arrangements were notdisclosed.
Glaxo and BioChem already have a 50-50 joint venture in anti-viral therapy, under which Glaxo is funding development of ananti-AIDS nucleoside drug, 3TC.
BioChem shares (NASDAQ:BCHXF) closed Thursday at $24.88, up$1.63.
The Laval, Quebec, company next month will change its nameto BioChem Pharma Inc., subject to approval at a specialshareholders meeting scheduled for Feb. 19.
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