Wednesday, August 1, 2007

Cell Therapeutics Finalizes Acquisition

Biopharmaceutical firm Cell Therapeutics Inc. announced Tuesday that it has completed its acquisition of fellow pharmaceutical manufacturer Systems Medicine Inc. CTI first announced its intention to purchase SMi a week ago. According to CTI, the stock-for-stock merger was valued at $20 million. Also, SMi stockholders could receive up to $15 million in additional compensation if certain regulatory milestones are met. CTI added that its acquisition of SMi, which will continue to operate as a wholly owned subsidiary, grants the Seattle-based company the worldwide rights to Brostallicin, a synthetic chemical potentially capable of treating some forms of cancer.