Cell Therapeutics, Novartis to develop Xyotax in lung cancer

By Lisa Kerner

Charlotte, N.C., Sept. 18 - Cell Therapeutics, Inc. formed an exclusive worldwide licensing agreement worth up to $270 million with Novartis for the development and commercialization of the chemotherapeutic Xyotax (poliglumex paclitaxel) for the treatment of non-small cell lung cancer (NSCLC) and other cancers.

Novartis also agreed to make a $15 million equity investment in Cell Therapeutics, which has the option of co-detailing the drug in the United States.

The agreement also gives Novartis an option to develop and commercialize pixantrone, an investigational agent designed to increase anti-tumor activity and decrease cardiac toxicity.

Cell Therapeutics is a Seattle-based biopharmaceutical company.

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