Cost-Cutting at CureTech Following Cancellation of Acquisition Deal with Insight

The acquisition of cancer treatment company CureTech Ltd. by pharmaceutical company InSight Biopharmaceuticals Ltd. for $50 million plus milestone payments has been canceled, CureTech's parent company Clal Biotechnology Industries announced Wednesday. According to the announcement, InSight declared it would not be able to make the payment within the agreed upon time frame, and did not provide an alternate deadline. CureTech and its shareholders are considering other alternatives to the deal, and have decided to reduce the company's operations in the meanwhile.