Baxter International has entered an agreement with Sigma-Tau Finanziaria to acquire its Oncaspar (pegaspargase) product portfolio for around $900m.
Oncaspar is a first-line biologic used as part of a multi-agent chemotherapy regimen to treat acute lymphoblastic leukemia (ALL). It is also used to treat patients with ALL and hypersensitivity to native forms of L-asparaginase.
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The deal will also allow Baxter BioScience to acquire a related new chemical entity calaspargase pegol, a biologic in development for treatment of ALL with an increased shelf-life that is expected to reduce dosing frequency.
Baxter BioScience president Dr Ludwig Hantson said: "The Baxter BioScience legacy of delivering solutions for orphan diseases and small patient populations and our global presence positions us well to accelerate the growth of the Oncaspar portfolio globally.
With around $100m annual sales, Oncaspar is currently marketed in the US, Germany, Poland and certain other countries.
Baxter BioScience plans to continue the development of a lyophilised formulation to enhance product stability, in addition to the currently marketed formulation of Oncaspar.
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By GlobalDataThe company also intends to develop Oncaspar for potential new indications, including in additional ALL patient populations with significant unmet needs, as well as for acute myeloid leukaemia (AML).
Sigma Tau Finanziaria CEO Andrea Montevecchi said: "The Oncaspar team will gain beneficial resources by joining forces with Baxter BioScience to bring this valuable treatment to more patients around the world."
Subject to regulatory approvals and other customary closing conditions, the deal is expected to be completed in the third quarter of this year.
Baxter said that it plans to establish BioScience business as a separate publicly traded and innovation-oriented biopharmaceutical company, Baxalta Incorporated, by mid-year.
Image: Baxter building in Vienna. Photo: courtesy of Gerd Fahrenhorst.
