Shares of Cell Therapeutics fell more than 15 percent on Tuesday in high volume trading following the biotechnology company's announcement of a secondary share offering at $1.73 per share.

On Monday, shares of Cell Therapeutics had risen almost 7 percent to close at $2.08, after hitting a high of $2.53 in intra-day trading, on news of a licensing deal worth up to $285 million with Swiss drug firm Novartis.

Tuesday's pricing of the 23.1 million share offering was at a 16.8 percent discount to Monday's closing stock price.

The licensing deal Cell Therapeutics announced on Monday was for the development and commercialisation of XYOTAX, an investigational medicine for the treatment of cell lung cancer and other cancers.

Shares of the company were trading down 32 cents at $1.76 in morning trade on the Nasdaq with more than 18 million shares changing hands.