Teva pulls out of CureTech deal; AC Immune drops CI-91

Israel-based Teva Pharmaceutical Industries (NYSE: TEVA) says that it has terminated its collaboration with CureTech for the development of an experimental cancer. 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.

"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 Michael Hayden, president and chief executive of R&D and chief R&D officer at Teva.

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.