Abbott, Emergent terminate co-development agreement of TRU-016

With the termination of the agreement, Abbott will have to provide certain forms of transition assistance to Emergent for a certain period of time and Emergent will retain worldwide rights for the development and commercialization of TRU-016.

Emergent announced the initiation of patient dosing in the Phase 2 study (protocol 16201) of TRU-016 in combination with bendamustine for patients with relapsed CLL, which triggered a $6m milestone payment to Emergent by Abbott.

According to the company, these studies will be completed, and final study data will be available by H1 2013.

While the agreement remains in effect until 20 March 2012, Abbott has to pay any milestone payments that are triggered as well as half of the collaboration project costs agreed to between Abbott and Emergent.

Emergent president and chief operating officer said the company looks forward to TRU-016’s continued progress in the ongoing clinical trials.