Cell Therapeutics, Inc. (CTI) (Nasdaq: CTIC) have entered into an exclusive worldwide licensing agreement with Novartis (VTX: NOVN, NYSE: NVS)for the development and commercialization of XYOTAX™ (poliglumex paclitaxel), an investigational agent under Phase III Clinical Trial for the treatment of non-small cell lung cancer (NSCLC) and other cancers.
XYOTAX™ (Zi-o-taks), a biologically-enhanced chemotherapeutic that links paclitaxel (the active ingredient in Taxol®) to a biodegradable polyglutamate polymer, thereby resulting in a new chemical entity, is an investigational drug currently in phase III clinical trials in women with NSCLC.
Under the agreement, the total product registration and sales milestones for XYOTAX™ could reach as much as $270 million.
Other terms include:
However, the closing of the transaction is still subject to antitrust regulatory clearance and certain other closing conditions.
Find more details from the full press release.
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