Emergent BioSolutions, Inc., announces plans for its TRU-016 program

Emergent BioSolutions, Inc., has announced plans for its TRU-016 program after receiving notice from Abbott that it will be terminating its co-development and co-commercializations agreement.

Emergent BioSolutions recently began a Phase 2 clinical study for chronic lymphocytic leukemia with TRU-016, the company's humanized anti-CD37
mono-specific protein therapeutic. The company is also in the middle of Phase 1b clinical evaluation for non-Hodgkin's lymphoma. Both studies are expected to be completed and final study data available in 2013.

“Emergent remains committed to continued clinical evaluation of TRU-016 in B-cell malignancies,” Daniel J. Abdun-Nabi, the president and COO at Emergent BioSolutions, said. “We look forward to TRU-016’s continued progress in the current ongoing clinical trials.”

Emergent BioSolutions, following the termination of its agreement with Abbott, retains worldwide rights for the development and commercialization of TRU-016. Abbott, which terminated the contract based on its portfolio prioritization process, is obligated to provide certain forms of transition assistance to Emergent BioSolutions for a set period of time.

The termination of the agreement is not expected to have a material impact on Emergent BioSolutions planned research and development expenditures for 2012.

The agreement will remain in effect until March 20 and provides for Abbott to assist Emergent in the transition. While the agreement remains in effect, Abbott has an obligation to pay any milestone payments that are triggered as well as half of the collaboration project costs agreed
to between Abbott and Emergent.