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Galena Biopharma (GALE +3.4%) gains after saying its entered into an agreement with Swedish drug...

Galena Biopharma (GALE +3.4%) gains after saying its entered into an agreement with Swedish drug maker Orexo AB to acquire Abstral Sublingual Tablets for sale and distribution in the United States. Abstral was approved by the FDA in January 2011, and had $54M in sales in Europe in 2012. Under the terms of the agreement, GALE will pay Orexo $10M upfront and $5M within the first twelve months of closing, plus low double digit royalties and one-time milestone payments based on pre-specified net sales.
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