Cell Therapeutics inks deal for Xyotax

Seattle-based Cell Therapeutics has inked a licensing deal with Novartis worth up to $285 million for the cancer therapy Xyotax. Currently in Phase III trials, Cell Therapeutics will retain an option to co-detail the therapy in the U.S. And its executives say the deal, which includes a $15 million equity investment and up to $270 million in milestones, also opens up new opportunities for acquisitions.

"This collaboration takes CTI one step closer to rebuilding its commercial presence in the United States and its goal of becoming a profitable cancer focused company. It also allows us to continue our growth through an acquisition strategy looking for other novel targeted agents to add to our development pipeline and into our future commercial infrastructure," said CTI CEO James A. Bianco, M.D.

- see the release on the Xyotax pact