Spectrum Pharmaceuticals and Cell Therapeutics (CTI) will form a 50/50 owned joint venture (JV), RIT Oncology, to commercialize and develop Zevalin® in the U.S.
Zevalin, a radioimmunotherapeutic (RIT), is currently marketed in the U.S. by Cell Therapeutics for the treatment of patients with relapsed or refractory, low-grade or follicular B-cell non-Hodgkin's lymphoma (NHL), including patients who have rituximab-refractory follicular NHL. CTI submitted an sBLA in September to expand the label for use in first-line consolidation therapy in previously untreated patients with follicular NHL.
Under terms of the agreement, upon the closing of the transaction both parties will equally provide for the future capital requirements of the JV and share equally in the profits and losses. Cell Therapeutics will receive an initial payment of $7.5 million at closing and $7.5 million in early January, in addition up to $15 million product sales milestone payments upon achievement of certain revenue targets.