Baxter International and Cell Therapeutics, Inc. (CTI) have entered into an exclusive worldwide licensing agreement to develop and commercialize pacritinib, an investigational JAK2/FLT3 inhibitor with activity against genetic mutations linked to myelofibrosis, leukemia and certain solid tumors. Pacritinib is currently in Phase III development for patients with myelofibrosis, a chronic malignant bone marrow disorder.
 
Baxter and CTI will jointly commercialize pacritinib in the U.S. and Baxter has exclusive commercialization rights for all indications for pacritinib outside the U.S. Baxter will make an upfront payment of $60 million, which includes an equity investment in CTI of $30 million. CTI is also eligible to receive clinical, regulatory, and commercial milestones of as much as $112 million. If approved, CTI may receive additional sales milestone payments and royalties.
 
“The collaboration will complement Baxter’s existing oncology business and growing oncology pipeline, and will leverage our global commercialization capacity to extend the availability of pacritinib, which we believe has the potential to address a significant unmet medical need,” said Ludwig Hantson, Ph.D., president of Baxter BioScience. “As an established leader in hematology and rare diseases, we are committed to advancing novel therapies in an effort to broaden patient access to care.”
 
“We believe Baxter represents the ideal strategic partner to achieve the full potential of pacritinib,” said James A. Bianco, M.D., president and chief executive officer of CTI. “Our two companies share a dedication to oncology and a vision for bringing this unique oral JAK2/FLT3 inhibitor to patients with certain blood cancers and solid tumors. This collaboration will provide additional financial resources and commercial expertise to position us to pursue the development, commercialization and market potential of pacritinib.”