Issue Date: August 27, 2007
Cell Therapeutics Gets Biogen Drug
Cell Therapeutics Inc., a Seattle-based biopharmaceutical company, has agreed to acquire U.S. rights to Zevalin, a radioimmunotherapy approved for non-Hodgkin's lymphoma, from Biogen Idec. CTI will pay Biogen Idec $10 million up front and up to $20 million more in milestone payments. Bayer Schering will sell the drug outside the U.S. under an agreement with Biogen Idec. "Zevalin is an effective yet underutilized drug with a favorable tolerability profile," says Jack W. Singer, chief medical officer of CTI. CEO James A. Bianco adds that Zevalin, with U.S. sales of $16.4 million in 2006, will complement pixantrone, a CTI drug currently in Phase III clinical trials.
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