May. 12, 2014
The CSPC Pharmaceutical Group, headquartered in China's Hebei Province, has partnered with the Israeli firm Dexcel Pharma to co-develop and commercialize a generic oncology drug in the US, Europe and elsewhere.
According to the agreement, Dexcel will pay CSPC $2 million to cover the pre-clinical and cGMP compliance certification costs. In addition to paying up to $5 million in milestones, Dexcel will also be responsible for obtaining approvals for the product outside China and to pay CSPC royalties for sales therefrom.