Starpharma tips speedy drug delivery after deal
BIOTECH Starpharma expects global biopharmaceutical group AstraZeneca to move quickly to get a cancer drug under joint development into clinical trials and then on to market.
Starpharma has signed a licensing deal with AstraZeneca under which the latter will use the Australian biotech’s drug delivery technology in the development and commercialisation of a new cancer drug, followed by other compounds. The licensing agreement could generate up to $180 million in signature and milestone payments for Starpharma in relation to the first product and up to $133 million for each subsequent product.
Starpharama shares closed 4 lower at 70 yesterday. They soared more than 21 per cent on Monday after the AstraZeneca deal was announced.