Baxalta, on cusp of buyout, bags cancer drug deal with Onconova

Baxalta ($BXLT), soon to be part of Shire ($SHPG), has decided to bag its $565 million cancer partnership for Onconova Therapeutics' ($ONTX) twice-failed treatment for myelodysplastic syndrome, a rare bone marrow disorder that often develops after patients receive cancer therapy. The deal had been struck in 2012, when Baxalta was part of Baxter ($BAX), but the company has decided it no longer fits into its "strategic priorities." In January, Baxalta succumbed to Shire's $32 billion buyout offer. The deal is expected to close this summer. More from FierceBiotech

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