BASEL (dpa-AFX) - Vernalis plc (VER.L) said that that Novartis has informed Vernalis that it is has ceased all development work on AUY922, the novel intravenous Hsp90 inhibitor and rights from the programme will now revert to Vernalis.
The programme was out-licensed to Novartis in 2004 and since then Vernalis has made no further investment. Novartis has been investigating AUY922 for the treatment of a range of solid cancer tumours.
Vernalis noted that the process to hand back programme data will take place in early 2015. When completed, Vernalis will review the data and decide on next steps and how best to take the programme forward.
Ian Garland, CEO of Vernalis said, 'This is disappointing news, but illustrates the risks involved in new chemical entity drug development and supports our strategic shift to lower risk later stage programmes. This programme had potential to add future value, if it had successfully progressed through development but was not a driver of near term value for Vernalis'.
Copyright RTT News/dpa-AFX