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.

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