SuperGen Gets Milestone As Treatment for Blood Cell Malfunctions Licensed to Johnson & Johnson
DUBLIN, Calif. -- Shares of SuperGen Inc. soared on Thursday after the drugmaker said Dacogen for injection, a drug for diseases relating to malfunctioning blood-forming stem cells made by MGI Pharma, was licensed to Johnson & Johnson's Cilag GmbH, granting exclusive development and commercialization rights in all territories outside of the U.S.
SuperGen sold MGI Pharma the rights for Dacogen in September 2004.
Dacogen for injection treats myelodysplastic syndromes, which happen when there is a defect in blood-forming stem cells, resulting in too few and poorly functioning blood cells.
SuperGen will get half of the $10 million upfront payment for licensing the drug for MGI PHarma and will receive up to $23.8 million in future milestone payments.
SuperGen will also receive royalties of 20 percent to 30 percent on all sales worldwide.
MGI Pharma and Cilag GmbH will jointly execute a strategic plan for the global clinical development of Dacogen. MGI Pharma will retain all commercialization rights to Dacogen in North America. Cilag and other Johnson & Johnson companies will conduct regulatory and commercial activities related to Dacogen outside of North America, while MGI Pharma has responsibilities for all activities in the U.S., Canada and Mexico.
SuperGen shares rose 41 cents, or 12 percent, to $3.96 during morning trading on the Nasdaq. The stock has traded between $3.18 and $7.24 during the past 52 weeks.
DUBLIN, Calif. -- Shares of SuperGen Inc. soared on Thursday after the drugmaker said Dacogen for injection, a drug for diseases relating to malfunctioning blood-forming stem cells made by MGI Pharma, was licensed to Johnson & Johnson's Cilag GmbH, granting exclusive development and commercialization rights in all territories outside of the U.S.
SuperGen sold MGI Pharma the rights for Dacogen in September 2004.
Dacogen for injection treats myelodysplastic syndromes, which happen when there is a defect in blood-forming stem cells, resulting in too few and poorly functioning blood cells.
SuperGen will get half of the $10 million upfront payment for licensing the drug for MGI PHarma and will receive up to $23.8 million in future milestone payments.
SuperGen will also receive royalties of 20 percent to 30 percent on all sales worldwide.
MGI Pharma and Cilag GmbH will jointly execute a strategic plan for the global clinical development of Dacogen. MGI Pharma will retain all commercialization rights to Dacogen in North America. Cilag and other Johnson & Johnson companies will conduct regulatory and commercial activities related to Dacogen outside of North America, while MGI Pharma has responsibilities for all activities in the U.S., Canada and Mexico.
SuperGen shares rose 41 cents, or 12 percent, to $3.96 during morning trading on the Nasdaq. The stock has traded between $3.18 and $7.24 during the past 52 weeks.
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