Lonza, Teva end biosimilars JV
Lonza Group Ltd. (SIX:LONN) and Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) mutually decided to discontinue their 2009 biosimilar JV following a strategic review. The companies will "continue to explore opportunities to maximize the value of the investments and progress" that the JV has made. Teva said the decision allows it to "maintain a highly selective approach" in its biologics portfolio, while Lonza said it determined its investments in biosimilars will "require more capital than initially planned and will also take more time until they reach the market." Teva declined to disclose details, while Lonza could not be reached in time for publication.
In April, the partners said they were evaluating the "significant" regulatory uncertainty and commercial circumstances for the JV before making "further long-term investment decisions." Last October, Teva said it was "evaluating the path forward" for the JV's biosimilar version of autoimmune and cancer drug rituximab, citing "changes in the regulatory and competitive environment" (see BioCentury Extra, Oct. 4, 2012). ...