Ipsen and GTx terminate toremifene collaboration; French firm posts 2010 results

3 March 2011

Memphis, USA-based GTx (Nasdaq: GTXI) and French drugmaker Ipsen (Euronext: IPN) have mutually agreed to terminate their collaboration for the development and commercialization of toremifene. The news pushed GTx shares 10% lower to $2.31.

“Ipsen has been an excellent and supportive partner,” said Mitchell Steiner, chief executive of GTx, adding: “We spent significant time analyzing the business case for toremifene 80mg and have concluded that the most appropriate course is to terminate our collaboration.”

GTx has been developing toremifene 8mg for the reduction of risk of fractures in men with prostate cancer receiving androgen deprivation therapy. In October 2009, the US firm received a Complete Response Letter from the Food and Drug Administration regarding the New Drug Application for toremifene notifying the company that the NDA would not be approved in its present form as a result of certain clinical deficiencies.

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