Teva will write off $109 million on its CureTech investment, which is developing a drug for hematological cancers.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) today announced the termination of its collaboration with CureTech Ltd.
Teva president and CEO R&D and chief R&D officer Dr. Michael Hayden said, "We are in the process of conducting a disciplined review of our pipeline. As we looked closely at CT‐011 and the most recent clinical and biochemical data, we have made the strategic decision to invest our resources elsewhere where we can have the most impact for patients.”
CT‐011 is a monoclonal antibody being developed as a treatment for hematological malignancies and solid tumors. CT‐011 was assessed in several phase I and II clinical studies in various cancer indications including diffuse large B‐cell lymphoma (DLBCL), colon cancer, metastatic melanoma and additional investigator initiated studies.
Teva entered into agreements with CureTech in 2006. Teva now intends to book a noncash net charge of $109 million as a result of the impairment of its investment in CureTech.
Published by Globes [online], Israel business news - www.globes-online.com - on January 31, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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