Teva Pharmaceutical Industries has terminated its collaboration with CureTech, Ltd. The companies were working together on CT-011, a humanized monoclonal antibody being developed as a treatment for hematological malignancies and solid tumors. Teva entered into agreements with CureTech in 2006 and plans to book a noncash 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,” said Dr. Michael Hayden, president and chief executive officer of R&D and chief R&D officer.