Covidien and BioSynthema have signed agreements to develop and commercialize a nuclear medicine therapy for neuroendocrine cancer patients.

Under the terms of a license agreement, BioSynthema will gain access to specific Covidien peptide technology, according to the Bermuda-based Covidien. The license will enable the St. Louis-headquartered BioSynthema to use the technology in conjunction with its own technology for clinical research to develop a new targeted radionuclide therapy product.

Covidien said the new technology will utilize a radiolabeled peptide that targets specific somatostatin receptors on neuroendocrine cancer cells. If approved, the drug candidate will add to its St. Louis-based Covidien Imaging Solution division’s portfolio of nuclear medicine oncology agents, including OctreoScan, a molecular imaging agent.

Under the agreement, BioSynthema will develop and manufacture the product, while Covidien will be responsible for marketing, sales and distribution. The companies plan to begin marketing authorization in Europe and the United States.