Astellas pulls out of deal with Theravance
Japanese drug major Astellas Pharma (TYO: 4503) says it has exercised its right to terminate the global license, development and commercialization agreement with US firm Theravance (Nasdaq: THRX) for Vibativ (telavancin) for injection, a bactericidal, once-daily lipoglycopeptide injectable antibiotic discovered by Theravance.
Theravance, which received an upfront payment of $65 million and accrued regulatory milestone of $156 million under the deal between the two companies (The Pharma Letter December 12, 2005) is evaluating global commercialization alternatives for Vibativ either alone or with partners.
Astellas retains 2% royalty right
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