Cell Therapeutics and Novartis to Co-Develop Cancer Treatment
Posted on: Monday, 18 September 2006, 15:01 CDT
Cell Therapeutics and Novartis have entered into a licensing agreement to co-develop a cancer treatment.
The treatment, which will be particularly focused on lung cancer patients, is known as Xyotax and is a biologically-enhanced chemotherapeutic. The investigational medicine is currently in phase III clinical trials to test whether single agent Xyotax provides improved overall survival compared to paclitaxel in women with non-small lung cancer and poor performance status.
Under the agreement, sales of Xyotax are predicted to reach as much as $270 million. The agreement will allow the companies to increase their development and investment in other cancer treatments and could potentially enhance the companies' commercial value.
Novartis has also agreed to make a $15 million equity investment in Cell Therapeutics. Cell Therapeutics will have the option of co-detailing Xyotax in the US under the direction of Novartis.
The agreement also provides Novartis with an option to develop and commercialize the agent pixantrone based on agreed terms. Pixantrone is an investigational agent designed to potentially increase anti-tumor activity and decrease the potential for cardiac toxicity.
If Novartis exercises its option on pixantrone under certain conditions, Novartis would pay Cell Therapeutics a $7.5 milllion fee and up to $104 million in registration and sales-related milestones.
"This agreement brings the strength of one of the most innovative leaders in oncology to the development and commercialization of Xyotax, an agent that could be demonstrated in ongoing trials to prolong survival in women with lung cancer and potentially become the first gender-specific therapy for this disease," said James Bianco, president and CEO of Cell Therapeutics. "It also provides pixantrone with potential access to a market leader in blood related cancer therapeutics to fully maximize its commercial potential."
Cell Therapeutics had also announced in June that it has agreed on pathways for regulatory approvals for Xyotax in recent meetings with the FDA and the European health authorities.
Source: Datamonitor
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