Teva returns rights to custirsen to OncoGenex

31 December 2014

Canada-based OncoGenex Pharmaceuticals (Nasdaq: OGXI) saw its shares rise 0.9% to $2.19 on Tuesday, despite announcing that Israeli drugmaker Teva Pharmaceutical Industries (NYSE: TEVA) is returning rights to custirsen, an investigational compound currently being evaluated in Phase III clinical development as a treatment for prostate and lung cancers.

This transfer of rights would occur in connection with the termination of the collaboration agreement between OncoGenex and Teva executed in 2009, which was worth a potential $440 million to OncoGenex.

Teva to pay $27 million on termination

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