Teva returning preclinical compounds to Proteologics

Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) said it will return rights to three preclinical compounds in development for cancer and inflammation to Proteologics Inc. (Tel Aviv:PRTL), effective Jan. 5, 2013. Teva said the decision to return the compounds is part of its "overall strategic assessment." The company sold its 31.35% stake in Proteologics in November, but said the move was not related to the decision to return rights to the three compounds to Proteologics. Teva declined to disclose details. Proteologics could not be reached for comment.

Earlier this month, Teva unveiled plans to refocus R&D on branded specialty drugs for CNS and respiratory diseases and on complex and combination generics called new therapeutic entities (NTEs) (see BioCentury, Dec. 17). ...