Cell Therapeutics buys Zevalin rights |
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Thu, 16 Aug 2007 13:12
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SEATTLE (AP) - Cancer treatment developer Cell Therapeutics Inc. said Thursday it will buy U.S. marketing, sales and development rights for the cancer therapy Zevalin from Biogen Idec Inc.Cell Therapeutics will pay Biogen $10 million upfront and up to an additional $20 million in milestone payments when the radioimmunotherapy is approved as a first-line treatment for non-Hodgkin's lymphoma. It is already approved to treat patients with the relapsed form of the condition.Cell Therapeutics will also pay royalties on sales and share clinical trial costs with Bayer Schering, if studies are conducted. Bayer Schering sells the drug outside of the United States.In 2006, Biogen reported U.S. sales of Zevalin of $16.4 million.Shares of Cell Therapeutics closed at $3.47, and shares of Biogen closed at $58.46 Wednesday.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Cell Therapeutics to pay for cancer drug 