In 2006, Sega acquired the rights to the game, and officially announced a different game under the same title in 2008, set for release in 2010.

It’s 2012, and we’re still waiting.

Duke Nukem Forever spent 15 years in development, and Aliens: Colonial Marines is closing in on 11 years – what kind of voodoo is afoot at Gearbox to land them two games that have spent over a decade in gaming limbo?
According to Gearbox, Sega announced the game as soon as the licensing agreements were in place in 2008 but development only started in 2009/2010. So it hasn't been in development for 11years it's been 2, which is a very different situation from 3D Realm's DNF since that was almost the only game they were working on and in actual active development for that amount of time.