Novacea (NOVC) shares soared 70 percent this morning on the news of a particularly rich commercialization pact. Schering-Plough has agreed to pay $60 million up front and take a stake in Novacea in exchange for commercialization rights to Asentar, a prostate cancer therapy currently in a late-stage trial. In addition, Schering-Plough has agreed to a $380 million schedule of pre-commercialization milestone payments and tiered royalties. Asentar is an oral formulation of calcitriol, a hormone that exerts its effects through the vitamin D receptor. Schering-Plough will pay for new research to determine the use of Asentar at earlier stages of the disease.

Novacea also has AQ4N in their pipeline, a tissue-targeted cytotoxic prodrug for the treatment of solid tumors. More here.

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