New Teva Pharmaceutical Industries Limited (TEVA) CEO Ditches Proteologics, Ltd. Collaboration
12/27/2012 7:52:56 AM
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) today notified Proteologics Ltd. (TASE: PRTL) that it was terminating the licensing agreement to develop several molecules on which the two companies were collaborating. Proteologics will have the right to continue development and commercialization of the molecules as part of its research plans independently. Proteologics is a drug development company which focuses primarily on discovering inhibitors for specific E3 ubiquitin ligases for targeted therapies for cancer and inflammatory diseases. The termination is part of Teva's new strategic plan. Proteologics CEO Joshua Levine said, "We thank Teva for its early-stage investment in Proteologics, and for its contribution over the years to the development and progress of our innovative molecules for the treatment of cancer and inflammatory diseases.