Monday, June 9, 2008

CytRx Acquires Innovive Pharmaceuticals

Los Angeles-based CytRx said today that it is in a definitive agreement to acquire Innovive Pharmaceuticals, Inc. Innovive is a biopharmaceuticals company developing oncology drugs. CytRx said it would pay $21.3M for Innovive, in addition to assuming the firm's liabilities. Innovive has four clinical stage oncology drug candidates in various stages of development.