Cell Therapeutics to acquire S*BIO's pacritinib
Cell Therapeutics Inc. (NASDAQ:CTIC; Milan:CTIC) will acquire worldwide rights to pacritinib ( SB1518) from S*BIO Pte. Ltd. (Singapore). S*BIO will receive $15 million cash up front and $15 million in Cell Therapeutics' convertible preferred stock. S*BIO is also eligible for up to $132.5 million in milestones, plus single-digit royalties. Pacritinib, an orally available dual inhibitor of Janus kinase-2 (JAK-2) and FMS-like tyrosine kinase 3 ( FLT3; CD135), has completed Phase II testing for myelofibrosis. Cell Therapeutics plans to start a Phase III trial in 4Q12 in myelofibrosis patients with thrombocytopenia. As stipulated by the deal, Cell Therapeutics will have 18 months to start preclinical or clinical testing in Asia, or Asian rights will revert back to S*BIO. Pacritinib is also in Phase II testing for advanced lymphoid malignancies. Cell Therapeutics was up $0.01 to $1.16 on Thursday. ...