Teva terminates partnership with CureTech

Teva, which entered into agreements with CureTech in 2006, intends to book a noncash net charge of $109m as a result of the impairment of its investment in CureTech.

Teva Pharmaceutical Industries R&D president and CEO and chief R&D officer Michael Hayden said the company is in the process of conducting a disciplined review of its 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," Hayden added.

Teva said CT-011, a humanized monoclonal antibody, is being developed as a treatment for hematological malignancies and solid tumors.