Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) today notified Proteologics Ltd. (TASE: PRTL) that it was terminating the licensing agreement to develop several molecules on which the two companies were collaborating. Proteologics will have the right to continue development and commercialization of the molecules as part of its research plans independently.
Proteologics is a drug development company which focuses primarily on discovering inhibitors for specific E3 ubiquitin ligases for targeted therapies for cancer and inflammatory diseases.
The termination is part of Teva's new strategic plan.
Proteologics CEO Joshua Levine said, "We thank Teva for its early-stage investment in Proteologics, and for its contribution over the years to the development and progress of our innovative molecules for the treatment of cancer and inflammatory diseases.
"In view of Teva's strategic change, we concluded with its management to terminate our collaboration in these projects. We believe that we can use our know-how to continue development of these products for the relevant indications, and that we will find new partners to continue the development of promising molecules by signing agreements with leading international pharmaceutical companies. We believe that any agreement that we sign for the further development of the molecules will create value for the company's shareholders."
Published by Globes [online], Israel business news - www.globes-online.com - on December 27, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
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