CytRx Corp. (CYTR) Acquires Inovive Pharmaceuticals, Inc.
CytRx Corporation (NASDAQ: CYTR), a biopharmaceutical research and development company, announced that it has completed its acquisition of Innovive Pharmaceuticals, Inc. The acquired Innovive portfolio includes four clinical-stage oncology drug candidates, including North American and European rights to develop tamibarotene, which is already approved in Japan for the treatment of relapsed Acute Promyelocytic Leukemia (APL) CytRx purchased Innovive for 2.6 million shares of CytRx common stock, about $18.3 million of "future performance-based milestone earn-outs", and the assumption of Innovive’s liabilities. Innovive shareholders approved the deal Sept. 19. "In acquiring Innovive, CytRx’s objective was to create a balanced business model, with…