Experimental drug developed by Onyx Pharmaceuticals Inc is going to see a new market partner very soon. The US Company has decided that it will sell the marketing rights of the drug to a Japanese firm and the deal is going to fetch it more than $300 million.

The calculation does not include the potential royalties. Also the licensing agreement requires the Japanese company to make an upfront payment of up to $59 million. The other drugs that are included in the deal are going to be carfilzomib.

US regulators have not given the approval for the drug which goes in for multiple myeloma. Also going to be considered is the drug called ONX0912.

Talking to media, Onyx CEO Tony Coles said that by selling these rights the company is expecting not only money generation but also that it will be developing its compounds related to oncology in Japan.

Onyx wanted access to the Japanese market and that is possible with the deal. It is said that the company is also going to go for the approval for its carfilzomib drug.