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Allarity keeps streamlining pipeline – sells cancer drug for USD 18m

Biotech company Allarity Therapeutics has divested a drug candidate to US Lantern Pharma, from which the Danish company in-licensed the drug in 2015. The deal may amount to USD 18m.

Photo: Allarity Therapeutics / PR

Danish medical company Allarity Therapeutics has divested the drug Irufulven to US-stocklisted company Lantern Pharma. The total price including an upfront payment and development and regulatory milestone fees may amount to around USD 18m, not including the royalties the company can earn from the sales, according to a Monday press release from the Danish company, which is listed in Sweden.

At first, Irufulven was developed by US MGI Pharma and Japanese Eisai, which ran the drug through phase III trials, although they did not manage to commercialize it.

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