Ariad Pharmaceuticals Inc. has given an Australian specialty drugmaker the rights to sell its leukemia treatment Iclusig in that country.
The Cambridge, Mass., company said Tuesday that Specialised Therapeutics Australia Pty Ltd will be responsible for obtaining marketing authorization and pricing and reimbursement approval for Iclusig. Once the drug is approved, the Australian company will book sales while Ariad will supply the drug.
The deal runs for seven years, after which Ariad has the option to take over sales or extend the agreement.
No financial terms were disclosed in a statement released Tuesday by both companies.
Last month, Ariad said it received approval to relaunch Iclusig in the United States after addressing safety concerns raised by regulators in October.
The Food and Drug Administration had asked Ariad to halt sales and promotion of the drug, citing the danger of life-threatening blood clots.
Ariad has since added new warnings about potential blood clots and the risk of heart failure to the drug's label. Additionally the company revised prescribing information on which patients should receive the drug.
Under a new risk management plan, the company is required to educate doctors about the drug's blood clot risks and new prescribing indication. Additionally, the FDA is requiring Ariad to track blood clot rates in patients taking Iclusig across several studies.
Shares of Ariad climbed 4.2 percent, or 33 cents, to $8.24 Tuesday before markets opened.