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Cell Therapeutics closes Zevalin buyout

Cell Therapeutics completes the USD 30m purchase of Biogen Idec's cancer drug, Zevalin

US-based biotechnology company Cell Therapeutics has completed the USD 30m purchase of Biogen Idec's cancer drug, Zevalin (90Y-ibritumomab tiuxetan).

In August 2007, Cell said it would buy US marketing, sales and development rights for the drug with a USD 10m upfront payment.

The deal also includes USD 20m in milestone payments when the drug is approved as an initial treatment for non-Hodgkin's lymphoma. It is already approved to treat patients who have relapsed after prior therapy.

Cell will pay royalties to Biogen based on Zevalin's net sales until at least December 2015. The company will pay royalties and share clinical trial costs with Bayer Schering, if studies are conducted outside the US, where Bayer Schering sells Zevalin.

On 27 December, Cell's shares rose USD 0.06 cents, or 3.2 per cent, to reach USD 1.91 in morning trading. Biogen's shares fell USD 0.33 to rest at USD 59.01.

FY06 sales of Zevalin were USD 16.4m.

2nd January 2008

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