07:10 AM EDT, 03/18/2024 (MT Newswires) -- Fennec Pharmaceuticals Inc. ( FENC ) , a commercial stage specialty pharmaceutical company, and Norgine, a European specialist pharmaceutical company, announced overnight Sunday an exclusive licensing agreement under which Norgine will commercialize PedmarqsiI in Europe, Australia and New Zealand. Fennec was at last look up more than 5% in US premarket trade on Monday.

Fennec will receive 40 million euros in upfront consideration and up to 210 million euros in additional commercial and regulatory milestone payments and double-digit tiered royalties (up to the mid-twenties) on net sales of Pedmarqsi in the licensed territories. Norgine will be responsible for all commercialization activities and will hold all marketing authorizations in the licensed territories.

According to a statement, Pedmarqsi is the first and only approved therapy in the EU and UK for the prevention of ototoxicity (hearing loss) induced by cisplatin chemotherapy in patients 1 month to under 18 years of age with localized, non-metastatic solid tumors.