Teva terminates monoclonal antibody deal with CureTech
JERUSALEMóTeva Pharmaceuticals has announced the termination of its deal with CureTech for the development of CT-011, CureTech's humanized monoclonal antibody being developed as a treatment for hematological malignancies and solid tumors. The agreement was initiated in 2006, and Teva expects to book a non-cash net charge of $109 million as a result of its investment in CureTech. Jeremy Levin, CEO of Teva, noted in December that in keeping with its restructuring, Teva would end several programs and shift its focus to central nervous system and respiratory disorders.
"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," said Dr. Michael Hayden, president and CEO of Teva R&D.