Cell Therapeutics to reacquire rights to two anti-cancer compounds

US biotech firm Cell Therapeutics (Nasdaq: CTIC) says it has reached an agreement with partner Novartis (NOVN: VX) to reacquire rights to two anti-cancer compounds - Pixuvri (pixantrone), acquired by the Swiss drug major in 2006 under a licensing agreement worth up to $285 million, and Opaxio (paclitaxel poliglumex).

Shares in Cell Thera rose more than 11% in pre-market trading on Monday, to $2.97. Novartis, which has made no direct comment it its decision to relinquish rights to the drugs, was unchanged,

Under the terms of the previous accord with the Swiss drug major, Cell Thera has been responsible for development and commercialization activities and expenses for both compounds to date. Upon the effective date of termination, Cell Thera will regain all rights that had been granted to Novartis. In exchange for Novartis' agreement to return such rights, Cell Thera has agreed to make certain potential payments to Novartis based on sales of Opaxio and Pixuvri and on any sublicense and certain other amounts payable to Cell Thera.