New York (March 26th, 2013) - Galena Biopharma, Inc. (NASDAQ: GALE) announced last week that it has entered into an agreement with Orexo AB (ORX.ST), an emerging specialty pharmaceutical company based in Sweden, to acquire Abstral(R) (fentanyl) Sublingual Tablets for sale and distribution in the United States.Abstral was approved by the U.S. Food and Drug Administration (FDA) in January 2011; and, it is the transmucosal immediate-release fentanyl (TIRF) market leader in Europe where it achieved sales of $54 million by ProStrakan/Kyowa Hakko Kirin in 2012. It is marketed in Canada by Paladin Labs, and has been filed for approval in Japan by Kyowa Hakko Kirin, Co. Ltd. In 2012, the U.S. market for TIRFs was $400 million.
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Array BioPharma, Inc. (NASDAQ: ARRY) was upgraded to Overweight from Neutral at Piper Jaffray. The firm also raised its price target on the stock to the $7.00 mark.
Array BioPharma Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs to treat patients afflicted with cancer and inflammatory diseases. The drug development pipeline includes clinical candidates that are designed to regulate therapeutically important target pathways. The Company’s drug candidates include AMG 151, MEK162, ARRY-380, ARRY-520, ARRY-543 and ARRY-614. Array BioPharma Inc. was founded in 1998 and is headquartered in Boulder, Colorado.
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