Boston, MA 09/18/2014 (wallstreetpr) – Biopharmaceutical company, CTI BioPharma Corp (NASDAQ:CTIC) and Servier disclosed that they have struck an exclusive deal on license and collaboration that would allow them to develop, as well as, commercialize Pixuvri, a first monotherapy treatment option for aggressive B-cell non-Hodgkin lymphoma or NHL patients.
Deal On Commercialization
The company indicated that the transaction was worth a maximum of about $133.5 million or Euro103.0 million provided all milestones were achieved, its statement revealed. The agreement between the two companies allows CTI BioPharma Corp (NASDAQ:CTIC) to retain complete commercialization rights for Pixuvri in Finland, Germany, Austria, Denmark, the United Kingdom, Turkey, Sweden, Norway, and Israel apart from the United States. Servier would have exclusive commercialization rights for the drug in the rest of the countries.
In the European Union, Pixuvri was conditionally approved for patients with B-cell NHL upon two or three prior lines of treatment. The company said that the drug was the first monotherapy treatment choice for such patient group apart from being the only licensed therapy for third and fourth line use in patients.
Availability
Currently, CTI BioPharma Corp (NASDAQ:CTIC) said that Pixuvri has been available in about eleven countries and has achieved reimbursement decision in different conditions in France, Italy, Germany, the Netherlands, and England/Wales.
The agreement terms provided CTI to get an upfront payment of approximately $18.1 million or Euro14 million and was also qualified to get additional clinical, regulatory, and sales milestone payments besides royalties on sales, which were subject to some reductions.
Management Speaks
CTI BioPharma Corp (NASDAQ:CTIC) President and Chief Executive Officer, James Bianco, said that the agreement would enable it to achieve complete potential of the drug, especially in the regions where CTI does not have its presence currently or intended to have in the future. He said that the two companies’ vision was to bring the drug to patients. This would not only optimize its development and commercialization but also allow them to accelerate possible development expansion into new indications.
