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news.CytRx, a biopharmaceutical R&D company engaged in the development of human therapeutics, has acquired Innovive Pharmaceuticals, which develops and commercializes novel therapeutics addressing significant unmet medical needs in the fields of oncology and hematology.
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CytRx has purchased Innovive for a total consideration of approximately 2.6 million shares of CytRx common stock, approximately $18.3 million of future performance-based milestone earn-outs, and the assumption of Innovive’s liabilities.
The acquired Innovive portfolio includes four clinical-stage oncology drug candidates, including North American and European rights to develop tamibarotene, which is already approved for the treatment of relapsed acute promyelocytic leukemia (APL) in Japan. The CytRx drug development pipeline now includes six drug candidates in diverse stages of clinical development.
In acquiring Innovive, CytRx’s objective was to create a balanced business model, with the potential for near-, medium-, and long-term revenue generation.
CytRx has enhanced its near-term revenue potential through the acquisition of tamibarotene, its advanced drug candidate that is currently being evaluated in a registration study in the US, Canada, and Europe under a special protocol assessment by the FDA for third-line treatment of APL.
Steven Kriegsman, president and CEO of CytRx, said: “Our vision for the future is to continue to invest in our molecular chaperone regulation technology platform as a means for generating new compounds for drug development and partnerships to drive shareholder value in the long-term.”