Very interesting news:
Teva
Pharmaceutical Industries Ltd. (NYSE:TEVA) said it will return rights
to three preclinical compounds in development for cancer and
inflammation to Proteologics Inc. (Tel Aviv:PRTL), effective Jan. 5,
2013. Teva said the decision to return the compounds is part of its
"overall strategic assessment." The company sold its 31.35%
stake in Proteologics in November, but said the move was not related
to the decision to return rights to the three compounds to
Proteologics. Teva declined to disclose details. Proteologics could
not be reached for comment.
In
September 2008, Teva exercised an option to obtain exclusive,
worldwide rights to two undisclosed programs under a 2005 deal with
Proteologics to discover cancer compounds that target ubiquitin
ligases. Proteologics also granted Teva exclusive, worldwide rights
to an undisclosed discovery program for cancer.
It would be very
interesting to get more details regarding the situation but it is for
sure that something is definitively wrong with the returned targeted
compounds which are targeted for ubiquitin ligases.
Well, who will fail next?
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