Shire bids CTI and its troubled myelofibrosis drug adieu, buying its way out of a deal
Shire is buying its way out of an ill-fated partnership with CTI BioPharma, which it inherited as part of the new pipeline acquired in the Baxalta buyout.
In a filing with the SEC, CTI noted that Baxalta had agreed to reimburse the biotech $10.3 million for expenses either incurred by the drug program or about to be incurred. Shire can now wash its hands of the pact and move on.
CTI $CTIC, a notorious failure in the biotech world, is still stuck in limbo.
Unlock this article instantly by becoming a free subscriber.
You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.