logo
Plus   Neg
Share
Email
Comment

Cell Therapeutics To Buy World-wide Rights To S*BIO's Pacritinib - Quick Facts

Cell Therapeutics, Inc.(CTIC) said it entered into an asset purchase agreement with S*BIO Pte Ltd. pursuant to which Cell Therapeutics would acquire world-wide rights to S*BIO's pacritinib, a highly selective JAK2 inhibitor.

Pacritinib is an oral Janus Associated Kinase 2, or JAK2, selective inhibitor that has demonstrated encouraging clinical benefit in phase 1 and 2 clinical studies in patients with primary myelofibrosis, or MF or MF secondary to other myeloproliferative neoplasms. Pacritinib has orphan drug designation in the U.S. and Europe for myelofibrosis.

Pursuant to the terms of the agreement, Cell Therapeutics will make an upfront payment of $15 million and issue $15 million shares of unregistered preferred stock convertible into common stock in Cell Therapeutics. The agreement also includes regulatory success- and sales-based milestone payments, as well as single digit royalties on net sales. Cell Therapeutics will be solely responsible for development and commercialization activities of pacritinib worldwide.

"JAK2 dysregulation is associated with a broad range of difficult-to-treat illnesses, including cancers and autoimmune diseases, and is one of the most exciting potential new targets in cancer therapy today," said James Bianco, CEO of Cell Therapeutics, Inc.

"We believe a highly selective JAK2 inhibitor that also inhibits the JAK2 clonal mutation (JAK2V617F) offers a distinct biological and clinical advantage over marketed or development stage compounds which are non-selective inhibitors of the JAK pathway. We believe that the lack of suppression of red blood cell and platelet formation seen with pacritinib has the potential to satisfy a medical need not currently addressed with existing non-selective JAK1/JAK2 inhibitors."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Opera, a web browser for Windows, macOS, and Linux operating systems, has added cryptocurrency mining protection to its mobile browsers. It is part of the browser's ad blocker function. In its desktop-based versions, Opera had introduced cryptocurrency miner protection in early January. French drug giant Sanofi SA Monday announced an agreement to buy US-based hemophilia drugmaker Bioverativ Inc. (BIVV) for around $11.6 billion. The deal expands Sanofi's presence in specialty care and strengthens leadership in rare diseases. Sanofi shares were losing around 4 percent in the early morning trading in Paris. Swiss banking giant UBS Group AG reported Monday a hefty net loss in its fourth quarter hurt by a charge related to US tax law changes. Pre-tax profit, however, increased from last year with improved operating income and lower expenses. Further, the company announced an increase in dividend, as well as a share buyback of up to 2 billion Swiss francs.
comments powered by Disqus
Follow RTT