Innovive, maker of mesothelioma drug, acquired by CytRx
CytRx Corp. (CYTR), a biopharmaceutical company headquartered in Los Angeles, has completed its acquisition of Innovive Pharmaceuticals Inc. Innovive is the maker of a cancer vaccine that is currently being tested in mesothelioma, lung cancer, leukemia and myelodysplastic syndrome patients. The company also developed the cancer drug tamibarotene and other drug candidates targeting leukemia, sarcoma, breast and lung cancers.
Innovive stockholders received 2.6 million CytRx shares as part of the deal. CytRx could also make as much as $18.3 million in milestone payments, depending on the success or failure of Innovive’s drug candidates.
For the full story, go to Forbes.
