CytRx Buys Out Innovive
CytRx Corp. recently bought out Innovive Pharmaceutical Inc, which is best known for its work developing a drug to treat myelodysplastic syndrome. According to reports, the buyout will ensure CytRx ownership of the cancer drug tamibarotene, along with three other major medications.
The deal was finalized late last week and CytRx reportedly bought the pharmaceutical company for $2.6 million. CytRx may also be asked to make up to $18.3 in milestone payments if the drug candidate’s sold under the Innovive name do well on the market. The entire buyout is expected to close by June.
Drugs Involved in the Buyout
The rights to the drug that got Innovive on the radar, Tamibarotene, will be given to CytRx as part of the buyout deal. Tamibarotene was recently approved in Japan to treat leukemia and is currently being studied for use in the US, Europe and Canada. Innovive was also working to develop an oral anti-leukemia medication that is being tested in lung cancer, leukemia, myelodysplastic syndrome and mesothelioma.
Myelodysplastic syndrome, or MDS, is a cancer that negatively affects the blood stream and bone marrow. Although a cure has not yet been found for the illness, there are treatments available and doctors and researchers are working vigorously to prevent MDS from taking more lives.
Leukemia is also a cancer that affects the bloodstream and is typically caused by exposure to benzene, a harmful chemical. Mesothelioma is a different form of cancer that affects the lining of the lungs and is caused by asbestos exposure
