Midatech Agrees to Acquire Zuplenz from Galena Biopharma for $3.75M Plus Up to $26M in Milestone Payments

OXFORDSHIRE, United Kingdom, Dec. 18, 2015 (GLOBE NEWSWIRE) -- Midatech Pharma

, the international specialty pharmaceutical company focused on developing and commercialising products in oncology and other therapeutic areas, today announces that it has entered into an agreement to acquire Zuplenz® (ondansetron), a marketed anti-emetic oral soluble film from Galena Biopharma, Inc.

for the prevention of chemotherapy-induced nausea and vomiting (CINV), radiotherapy-induced nausea and vomiting (RINV), and post-operative nausea and vomiting (PONV), (the "Acquisition"). Zuplenz®, launched in the United States in July 2015, is an anti-emetic, which does not need to be injected or swallowed, offering patients a differentiated alternative. Midatech expects that the acquisition of Zuplenz® will leverage its commercial infrastructure in the United States, following the acquisition of DARA BioSciences, and is complementary to Midatech's three existing marketed oncology products. With patent protection until at least 2029, Zuplenz® is targeting an estimated $4.6bn market by 20181 and is expected to add to Midatech's growing revenues. Midatech will pay a total up front consideration of $3.75 million in cash, with further cash payments, totalling up to $26 million, becoming payable if certain sales milestones are achieved, which are expected to be self-financed by