Pharmaceutical company Abbott Laboratories and Millennium Pharmaceutical have ended a joint partnership to discover, develop and commercialise compounds in the fields of Type 2 diabetes and obesity.
The two companies said in a statement this week that Abbott retains a license to targets, compounds and certain technologies that were the subject of the collaboration. In addition, as part of its metabolics research and development programme, Abbott will continue to independently develop compounds that provided the most promise.
Although precise reasons for the termination of the agreement were far from evident, it would appear that Millennium decided to pull out of the partnership.
"Millennium's business strategy has evolved over time and they have decided to exit this area of research, " said Abbott this week. Financial details were not disclosed but as a result of the end of the partnership, Millennium will register the shares of stock owned by Abbott.