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

Suggested Articles

Merck is scouting replacements for CEO Ken Frazier with a preference toward an internal candidate, Bloomberg reports.

Bluebird Bio says the launch of Zynteglo, its first gene therapy, will not occur until 2020 while it tightens up its manufacturing processes.

Riival generics makers are squashing long-running lawsuits over their own versions of Sanofi's big-selling blood thinner Lovenox.