Biotechnology company, Emergent BioSolutions (NYSE:EBS) announced today that Abbott Laboratories (NYSE: ABT) has terminated an agreement between the two companies to develop and commercialize its TRU-016 program. The program is expected to eventually lead to the therapeutic drugs for lymphocytic leukemia and non-Hodgkin’s lymphoma.
Rockville-based Emergent BioSolutions will still move forward with the TRU-016 program but on its own. Abbott said it had to prioritize its portfolio of co-development programs but is still obligated assist Emergent as the partnership winds down.
Emergent also announced today that it would receive a $6 million milestone payment from Abbot due to the start of the Phase 2 study for TRU-016.
“Emergent remains committed to continued clinical evaluation of TRU-016 in B-cell malignancies,” stated
The transition and agreement will last through March 20, 2012.