Teva Pharmaceutical Industries Ltd. announced that
it has signed a collaboration option to license and share purchase agreements
to invest in Cocrystal Discovery Inc. (CDI), a biopharmaceutical company
focused on the discovery and development of novel antiviral therapeutics for
the treatment of serious and chronic viral diseases.
This investment will be utilized by CDI to continue its development programme of novel antiviral drugs that target viral replication enzymes. Currently, CDI is using its unique technologies to develop oral, once-a-day, broad-spectrum antivirals for the treatment of Hepatitis C, influenza and rhinovirus (common cold).
Under the terms of the agreement, Teva will initially invest $7.5 million in CDI, and the company will develop for Teva an antiviral drug targeting the polymerase enzyme of the hepatitis C virus. Upon completion of the initial development plan, Teva will have the option to make additional investments under certain milestones. Teva will have the right to exclusively license the drug for further development and commercialization, under agreed-upon commercial terms.
“We are delighted with this investment from Teva, a leading global company that develops important new medicines bringing value to patients,” said Nobel Laureate Roger Kornberg, Ph.D., chief scientist at CDI and member of the board of directors of Teva. “Through this agreement, CDI is now ideally placed to accelerate the development of our novel platform, which combines high resolution X-ray crystallography with unique and advanced computational methods. It is our hope we can yield new and better drugs for the treatment and prevention of many viral diseases."
Teva also has the option to further invest in CDI for the development of two additional antiviral or antibacterial drugs. For all such investments, Teva will receive up to approximately 23% holdings in CDI.
“This new partnership further illustrates Teva’s commitment to develop innovative therapies,” said Dr. Aharon Schwartz, Head of Teva's Innovative Ventures. “If successful, these novel technologies could revolutionize the drug discovery process for antivirals, an area of a high unmet need. We believe this innovative technology offers significant promise for pharmaceutical discovery in areas of strategic importance for Teva.”
Teva Pharmaceutical Industries Ltd. is a leading global pharmaceutical company, committed to increasing access to high-quality healthcare by developing, producing and marketing affordable generic drugs as well as innovative and specialty pharmaceuticals and active pharmaceutical ingredients. Headquartered in Israel, Teva is the world's largest generic drug maker, with a global product portfolio of more than 1,300 molecules and a direct presence in about 60 countries.
Cocrystal Discovery, Inc. is a privately funded biotechnology company developing antiviral therapeutics for human diseases. Cocrystal has innovative atomic-level structure determination and unique computational technologies that enable the creation of first- and best-in-class antivirals.
Source:
PharmaBizThis investment will be utilized by CDI to continue its development programme of novel antiviral drugs that target viral replication enzymes. Currently, CDI is using its unique technologies to develop oral, once-a-day, broad-spectrum antivirals for the treatment of Hepatitis C, influenza and rhinovirus (common cold).
Under the terms of the agreement, Teva will initially invest $7.5 million in CDI, and the company will develop for Teva an antiviral drug targeting the polymerase enzyme of the hepatitis C virus. Upon completion of the initial development plan, Teva will have the option to make additional investments under certain milestones. Teva will have the right to exclusively license the drug for further development and commercialization, under agreed-upon commercial terms.
“We are delighted with this investment from Teva, a leading global company that develops important new medicines bringing value to patients,” said Nobel Laureate Roger Kornberg, Ph.D., chief scientist at CDI and member of the board of directors of Teva. “Through this agreement, CDI is now ideally placed to accelerate the development of our novel platform, which combines high resolution X-ray crystallography with unique and advanced computational methods. It is our hope we can yield new and better drugs for the treatment and prevention of many viral diseases."
Teva also has the option to further invest in CDI for the development of two additional antiviral or antibacterial drugs. For all such investments, Teva will receive up to approximately 23% holdings in CDI.
“This new partnership further illustrates Teva’s commitment to develop innovative therapies,” said Dr. Aharon Schwartz, Head of Teva's Innovative Ventures. “If successful, these novel technologies could revolutionize the drug discovery process for antivirals, an area of a high unmet need. We believe this innovative technology offers significant promise for pharmaceutical discovery in areas of strategic importance for Teva.”
Teva Pharmaceutical Industries Ltd. is a leading global pharmaceutical company, committed to increasing access to high-quality healthcare by developing, producing and marketing affordable generic drugs as well as innovative and specialty pharmaceuticals and active pharmaceutical ingredients. Headquartered in Israel, Teva is the world's largest generic drug maker, with a global product portfolio of more than 1,300 molecules and a direct presence in about 60 countries.
Cocrystal Discovery, Inc. is a privately funded biotechnology company developing antiviral therapeutics for human diseases. Cocrystal has innovative atomic-level structure determination and unique computational technologies that enable the creation of first- and best-in-class antivirals.
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