25 July 2013 07:49 [Source: ICIS news]
SINGAPORE (ICIS)--Swiss fine-chemical firm Lonza and Israeli generic-drug producer Teva Pharmaceutical Industries has mutually decided to discontinue their joint venture for the development, production and marketing of generic biologic drugs, the two firms said on Thursday.
Biologics are protein-based therapeutics characterised by complex molecules.
“Both companies will continue to explore opportunities to maximize the value of the investments and progress that the joint venture has made to this point,” they said in a joint statement.
The joint venture began in 2009.
“With the discontinuation of the joint venture we will cease investing in areas that are not strategic to Lonza such as clinical developments and end product commercialization,” said Stephan Kutzer, chief operating officer of Lonza’s Pharma & Biotech market segment.
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