Cell Therapeutics to Acquire Novuspharma for $235 Million
By Biotechdaily staff writers
Posted on 25 Jun 2003
In a move that will give the company a promising new drug for lymphoma, Cell Therapeutics, Inc. (CTI, Seattle, WA, USA) has agreed to acquire Novuspharma, S.p.A (Milan, Italy) for about US$235 million in stock. Posted on 25 Jun 2003
Novuspharma is developing Pixantrone, an anthracycline drug in phase III clinical trials for lymphoma. Previous studies have suggested that Pixantrone may exhibit significantly less cardiotoxicity and greater activity than other marketed anthracyclines. Pixantrone is expected to benefit from CTI's strong hematology/oncology sales and marketing experience, while Novuspharma will bring to CTI complementary expertise in anticancer drug development. CTI has developed a cancer drug called Trisenox and is developing a second cancer drug called Xyotax. CTI will consolidate its early development, preclinical pharmacology, and European sales and marketing activities in Milan, which will become the company's new European headquarters.
"With Trisenox gaining market share in the United States, the impressive safety and efficacy data of Pixantrone in aggressive lymphomas was a natural fit to our growing hematology franchise,” said James A. Bianco, M.D., president and CEO of CTI, who will continue in these roles for the merged entity.
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