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news.Astellas Pharma and Ambit Biosciences have agreed to terminate the joint development and commercialization deal of FLT3 Kinase Inhibitors, including quizartinib.
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The termination of the collaboration that was signed in 2009 is effective 3 September 2013.
Astellas president and CEO Yoshihiko Hatanaka said, "While our decision is based on strategic reasons, we are proud of our collaborative work with Ambit, and we are committed to working with Ambit on a smooth transition."
Astellas has exercised its option to end the agreement and the present development activities are expected to be transferred to Ambit over the coming months.
All rights granted to Astellas will be regained by Ambit, which will continue the clinical trial program of quizartinib.
Ambit president and CEO Michael Martino said, "With the Phase 2 study results for quizartinib that were presented at the ASH Annual Meeting last December, we and members of the medical community continue to be excited about quizartinib and its potential to meet a significant, unmet need in acute myeloid leukemia (AML) patients."