Teva Pulls Plug on CureTech
After investing $109 million in CureTech, Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) has announced the termination of its collaboration. “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,” stated Dr. Michael Hayden, President and CEO of R&D and Chief R&D Officer. CT-011 is a humanized 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 intends to book a noncash net charge of $109 million as a result of the impairment of its investment in CureTech.