Galena Biopharma (NASDAQ: GALE ) has forged a partnership in India for its NeuVax breast cancer vaccine. The company announced that it is teaming up with Dr. Reddy's Laboratories (NYSE: RDY ) in a strategic partnership whereby Galena will license the commercial rights for NeuVax to the latter company. Dr. Reddy's will also head the development of NeuVax to treat gastric cancer. The terms of the arrangement were not disclosed, although Galena did reveal that it will receive development and sales milestone payments, and royalties in the double digits on net sales.
In the press release heralding the news, Galena CEO Mark Ahn said that the deal "is consistent with our strategy to expand the clinical utility of NeuVax in unment medical needs while simultaneously increasing the commercial footprint of this innovative cancer immunotherapy."
Galena has been a hot stock in recent months, although that appears to have more to do with acquisitions than the performance of NeuVax. Last week, the company announced it had bought Mills Pharmaceuticals, and last March it acquired the cancer pain treatment Abstral.