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Deal to net Biogen up to $30m

SEATTLE -- The biotech firm Cell Therapeutics Inc. today will outline plans to pay Biogen Idec Inc., of Cambridge, up to $30 million for a lymphoma cancer treatment.

Cell Therapeutics will take over US sales, marketing, and development of Zevalin; Bayer Schering will continue to sell the drug outside the country.

Zevalin posted US sales of $15.4 million last year as a treatment for patients with relapsed non-Hodgkin's lymphoma.

Cell Therapeutics hopes to expand the drug's use to serve an initial treatment for non-Hodgkin's lymphoma.

"We see potential for substantial revenue growth for this product," said its chief executive, James Bianco.

Upon terms of the agreement, Cell Therapeutics will pay Biogen $10 million in cash and up to $20 million in milestone payments when the product receives approval for an additional use.

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