US-based Baxter International has entered into an exclusive license and collaboration agreement with Merrimack Pharmaceuticals to develop and commercialise MM-398 (nanoliposomal irinotecan injection).

Also known as nal-IRI, MM-398 is a nanoliposomal encapsulation of the chemotherapeutic irinotecan.

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In the US, Merrimack is developing a new drug application for MM-398 to treat patients with metastatic pancreatic cancer previously treated with a gemcitabine-based therapy.

The deal allows Baxter to gain exclusive commercialisation rights for all potential indications of MM-398 outside the US, while Merrimack holds commercialisation rights in the US, and the rights in Taiwan are held separately.

"Merrimack will receive a $100m upfront payment from Baxter, and is also eligible to receive $120m in regulatory milestone payments related to the first pancreatic cancer indication, after milestones are achieved."

Baxter BioScience president Ludwig Hantson said: "Oncology represents an exciting new area and growth driver for our biopharmaceutical business.

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"With this new collaboration with Merrimack on MM-398, a promising new anti-cancer agent, we continue to augment our growing pipeline focused on challenging diseases with significant unmet needs, while capitalising on our broad global reach."

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As part of the deal, Merrimack will receive a $100m upfront payment from Baxter, and is also eligible to receive $120m in regulatory milestone payments related to the first pancreatic cancer indication, after milestones are achieved.

Merrimack will also receive $280m in development and regulatory milestone payments for a second pancreatic cancer indication.

In addition, it is eligible to receive $220m in future development and regulatory milestone payments related to two additional indications.

Baxter noted that Merrimack will receive $250m in sales milestone payments, as well as tiered royalties on net sales of MM-398 in the licensed geographies.

MM-398 has obtained orphan drug designation from US Food and Drug Administration and European Medicines Agency to treat patients with metastatic pancreatic cancer.