LONDON (Alliance News) - Midatech Pharma PLC on Friday said it has agreed to buy Zuplenz from Galena Biopharma Inc for an initial up-front payment of up to USD3.8 million, along with further payments of up to USD26 million based on sales milestones.
Zuplenz is an oral soluble film that treats post-operative, chemotherapy and radiation-induced nausea and vomiting. It was launched in the US in July 2015.
Midatech said that, following the acquisition, it expects its cash reserves to be around GBP16 million at the financial year end.
Shares in Midatech were down 0.7% at 201.00 pence Friday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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