Singapore: British drug giant AstraZeneca, has inked $2 million deal with Australian firm Starpharma. The deal gives AstraZeneeca access to Starpharma's DEP drug delivery platform for the development and commercialization of an undisclosed oncology compound.

Starpharma's drug delivery technology aims to improve the dosing and efficacy of medicines as well as reduce their toxicity through dendrimers. The company stands to receive potential development, launch and sales milestones for the first AZ DEP product of $124 million, with subsequent qualifying products potentially yielding up to $93.3 million in milestones each, as well as tiered royalties.

Mr Susan Galbraith, head of the oncology Innovative Medicines Unit at AstraZeneca, said, "This license agreement will enable us to further harness the DEP technology and evaluate its potential across novel molecules within our oncology portfolio."