Cell Therapeutics inks deal to buy cancer drug developer - FierceBiotech - Biotechnology Articles, Biotech Industry News, FDA Approval News

Cell Therapeutics inks deal to buy cancer drug developer - FierceBiotech - Biotechnology Articles, Biotech Industry News, FDA Approval News: "Cell Therapeutics has struck a deal to buy Systems Medicine, a cancer drug developer, for $20 million down and up to $15 million for milestones. Tucson-based Systems Medicine is developing a genetically engineered drug called Brostallicin, which Cell Therapeutics believes is a 'perfect fit' for its pipeline. Cell Therapeutics CEO James Bianco told investors that the company is also close to acquiring a product with $15 million to $18 million in annual revenue. That would be a first for Cell Therapeutics, which hasn't pushed any drugs through the approval process yet. Its experimental therapy Xyotax has failed several trials."