Deals, Partnering

Emergent BioSolutions announces plans for TRU-016 program following termination of collaboration with Abbott Laboratories

Posted on 28 December 2011

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Abbott is terminating its co-development and co-commercialization agreement. 

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

The agreement will remain in effect until March 20, 2012 and provides for Abbott to assist Emergent in the transition.

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

“Emergent remains committed to continued clinical evaluation of TRU-016 in B-cell malignancies,” said Daniel J. Abdun-Nabi, President and Chief Operating Officer at Emergent BioSolutions. “We look forward to TRU-016’s continued progress in the current ongoing clinical trials.”

The agreement will remain in effect until March 20, 2012 and provides for Abbott to assist Emergent in the transition. While the agreement remains in effect, Abbott has an obligation to pay any milestone payments that are triggered as well as half of the collaboration project costs agreed to between Abbott and Emergent.

Emergent is evaluating whether the termination will require an impairment to goodwill and intangible assets to be recorded in 2011. The Company plans to provide preliminary 2011 financial results and 2012 guidance at the J. P. Morgan Healthcare Conference in January.

 

See further deal information at Current Agreements (subscription required)

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