AstraZeneca returns IPI-504/IPI-493 rights to Infinity
Anglo-Swedish drug major AstraZeneca says that it has returned worldwide rights to Infinity Pharmaceuticals for the development and commercialisation of Infinity's heat shock protein 90 (Hsp90) drug candidates IPI-504 (MEDI-561) and IPI-493, in development for the treatment of cancer and related conditions.
The collaboration, initiated in August 2006 between MedImmune and Infinity which involved an upfront payment to the latter of $70.0 million, was transferred to AstraZeneca following its acquisition of MedImmune in June 2007 (Marketletters passim).
After reviewing the potential opportunity for these projects within its portfolio and considering competing R&D investment priorities, the UK-based company says it has decided to return the responsibility for development and commercialization of this program to Infinity, which itself recently announced that it would halt the development of IPI-504 as a prostate cancer drug (Marketletter July 21).
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