Cell Therapeutics signs asset purchase agreement to acquire pacritinib

Under the agreement, which is subject to satisfaction of certain closing conditions, CTI will make an upfront payment of $15m and issue $15m shares of unregistered preferred stock convertible into common stock in CTI.

The agreement also includes regulatory success- and sales-based milestone payments, as well as single digit royalties on net sales, CTI said.

CTI will be responsible for development and commercialization activities of pacritinib worldwide.

Pacritinib has demonstrated encouraging clinical benefit in Phase I and II clinical studies in patients with primary myelofibrosis (MF) or MF secondary to other myeloproliferative neoplasms (MPN).

CTI CEO James Bianco said: "We believe a highly selective JAK2 inhibitor that also inhibits the JAK2 clonal mutation (JAK2V617F) offers a distinct biological and clinical advantage over marketed or development stage compounds which are non-selective inhibitors of the JAK pathway."