Novelos, Lee's Ink Cancer Agreement

Massachusetts-based Novelos Therapeutics has signed a license agreement with Hong Kong’s Lee’s Pharmaceutical to develop and commercialize two Novelos compounds — NOV-002 for cancer and NOV-205 for hepatitis — in China, including Hong Kong, Macau and Taiwan.

Lee’s Pharmaceutical will be responsible for the cost of all development, regulatory submissions and commercialization of the drugs.

In addition to upfront and milestone payments, Novelos will receive 20 percent to 25 percent royalties from Lee’s on net sales of NOV-002 and 12 percent to 15 percent royalties on net sales of NOV-205, according to Novelos.