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Cell Therapeutics, Inc. (CTI) Completes Acquisition of Lymphoma Drug Zevalin(R) From Biogen Idec for Sales and Marketing in the United States
Date:12/27/2007

Company Returns to Commercial Operations

SEATTLE, Dec. 27 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq, MTAX: CTIC) today announced that it has completed its acquisition of Zevalin(R) (ibritumomab tiuxetan) from Biogen Idec, giving CTI sole responsibility for marketing, sales, and development of the drug in the United States. Zevalin will continue to be sold outside the United States by Bayer Schering under an agreement between Biogen Idec and Bayer Schering. Approved in 2002 to treat patients with relapsed indolent non-Hodgkin's lymphoma (NHL), Zevalin was the first radioimmunotherapy to be approved by the U.S. Food and Drug Administration (FDA). In 2006, Biogen Idec reported $16.4 million in U.S. Zevalin sales.

"This acquisition puts CTI back into the commercial arena, which is a relatively exclusive space for biotech companies, and also strengthens our product pipeline," said James A. Bianco, M.D., President and CEO of CTI. "Adding the commercial infrastructure now may also provide a benefit to the company for future launches of other products in our pipeline. This is especially relevant to the potential launch of pixantrone and its expected synergies with Zevalin."

CTI made an initial payment of $10 million to Biogen Idec in exchange for control of U.S. marketing, sales, and development of Zevalin. Under the terms of the acquisition agreement, CTI will pay royalties to Biogen Idec based on the net sales of Zevalin until at least December 2015, and has also agreed to pay up to an additional $20 million in milestone payments if the product receives approval from the FDA for certain first-line indications in NHL. CTI also has agreed to share the cost of certain clinical trials of Zevalin with Bayer Schering in the event such trials are undertaken. CTI was advised on the transaction by CIBC World Markets Corp.

"Zevalin is a highly effective drug now, with attractive long-term commercial potential as
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SOURCE Cell Therapeutics, Inc.
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