Cephalon is buying the blood cancer drug Trisenox from Cell Therapeutics for $70 million up front and up to $100 million in cash if it hits pre-established development milestones. As a result of disposing of its only approved drug, Cell Therapeutics will lay off 135 workers, some of whom may land jobs at Cephalon. "TRISENOX is an effective therapy for certain hematologic malignancies and Cephalon has the expertise and resources necessary to maximize its value. This agreement allows the company to focus its resources on taking Xyotax through to its NDA filing and advancing pixantrone through its phase III program," stated James A. Bianco, MD, President and CEO of CTI.
- read this article from TheStreet.com for more