Teva returns option rights to Rexahn cancer drug candidate

US clinical-stage biopharma company Rexahn Pharmaceuticals (NYSE MKT: RNN) says that Israel-headquartered Teva Pharmaceutical Industries (NYSE: TEVA), the world’s largest generics firm, has decided, for strategic reasons, not to exercise its option to license cancer drug candidate RX-3117 from Rexahn.

As a result, the research and exclusive license option (RELO) agreement for RX-3117 between the companies has been terminated and Rexahn will retain all the global development and commercialization rights to RX-3117, a novel DNA and RNA synthesis inhibitor for the treatment of solid cancer tumors.

In July 2013, under the RELO agreement, Teva submitted an Investigational New Drug application to the US Food and Drug Administration for RX-3117 which has now cleared the FDA’s 30 day review period. Under the RELO agreement, Teva had 45 days from the filing of the IND to exercise the option to exclusively license RX-3117.