Baxter buys exclusive rights to CTI’s cancer drug pacritinib

18 November 2013

USA-based companies Baxter International (NYSE: BAX) and Cell Therapeutics (Nasdaq: CTIC) have entered into an exclusive worldwide licensing agreement to develop and commercialize pacritinib. CTI’s shares leapt 24% to $2.18 in pre-market trading on the news.

Pacritinib is a novel investigational JAK2/FLT3 inhibitor with activity against genetic mutations linked to myelofibrosis, leukemia and certain solid tumors. The drug is currently in Phase III development for patients with myelofibrosis, a chronic malignant bone marrow disorder.

CTI acquired rights to pacritinib from Singapore's S*BIO last year, in a deal that cost it around $30 million, half in cash and half in shares (The Pharma Letter April 20).

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