CytRx inks deal to buy Innovive in $21M acquisition

CytRx has inked a deal to buy Innovive Pharmaceuticals, adding its four experimental oncology therapies to its pipeline. The combined company will own a 49 perent interest in RXi Pharmaceuticals. The deal is priced at $21.3 million plus the assumption of liabilities. The combined company will advance therapies for oncology, Amyotrophic Lateral Sclerosis, stroke recovery and diabetic foot ulcers.

"The Innovive acquisition is a compelling strategic fit for CytRx and is expected to provide several key benefits. Innovive has an attractive oncology portfolio with the opportunity for relatively near-term drug approval with low regulatory risk," said Steven A. Kriegsman, CytRx president and CEO. "This acquisition improves our potential for near-term revenue while maintaining our longer-term emphasis on our molecular chaperone technology platform. The addition of this pipeline leverages our significant expertise in oncology drug development."

- read the CytRx's release