HELSINKI, June 2 Finnish drug maker Orion
said on Monday it had struck a deal with German peer
Bayer to develop a prostate cancer drug, with the
deal allowing Orion to upgrade its full-year sales and profit
The two companies will this year start a clinical phase III
trial of the drug, called ODM-201, in patients with
non-metastatic prostate cancer that cannot be treated by
standard hormone therapy, Orion said in a statement.
Orion will receive an upfront payment of 50 million euros
($68 million), it said. It raised its outlook for the year, and
now says its net sales and operating profit will be at a similar
level as last year.
Bayer said the deal would complement its prostate cancer
treatment business. It already has Xofigo, designed to target
bone metastases from prostate cancer, which according to Bayer
could become a "blockbuster" product with annual sales of least
1 billion euros.
($1 = 0.7328 Euros)
(Reporting by Sakari Suoninen; Editing by Ludwig Burger)