Cell Therapeutics has struck a deal to buy Systems Medicine, a cancer drug developer, for $20 million down and up to $15 million for milestones. Tucson-based Systems Medicine is developing a genetically engineered drug called Brostallicin, which Cell Therapeutics believes is a "perfect fit" for its pipeline. Cell Therapeutics CEO James Bianco told investors that the company is also close to acquiring a product with $15 million to $18 million in annual revenue. That would be a first for Cell Therapeutics, which hasn't pushed any drugs through the approval process yet. Its experimental therapy Xyotax has failed several trials.
- check out the release
- read the report on the deal from the Seattle Times
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