PharmaBio Development, which is part of Quintiles Transnational, has signed a $30 million cash and services deal with Cell Therapeutics in exchange for future royalties from a cancer drug known as Trisenox.
PharmaBio paid Cell Therapeutics, which is based in Seattle, $25 million in cash. Cell Therapeutics will also receive $5 million in services.
Cell Therapeutics will pay royalties at a minimum of $53 million.
PharmaBio also receives what Cell Therapeutics described as a “security interest” in the drug.
“Providing tailored strategic and financial solutions to help our pharma and biotech customers is PharmaBio Development’s mission,” said Tom Perkins, senior vice president of PharmaBio Development. “This agreement is an excellent example.”