Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) and BioSante Pharmaceuticals Inc. (AMEX: BPA) will restart their collaboration on the development of a male testosterone therapy product for the US market. Effective immediately, Teva has withdrawn its previous notice of its desire to terminate the license agreement and will reinitiate funding and development of the product.
Teva will pay BioSante certain milestone payments plus royalties on sales of the product, if and when commercialized. BioSante's product is owned by BioSante with no royalty or milestone obligations to any other party. Teva also will be responsible under the revised agreement for continued development of the product, including required clinical trials, regulatory filings and all manufacturing and marketing associated with the product.
BioSante president and CEO Stephen M. Simes said, "We are extremely excited by this amendment and the opportunity again to work closely with Teva. We are pleased with our continued progress in the development of our hormone therapy gel products, having received US Food and Drug Administration (FDA) approval of Elestrin, our estradiol gel for the treatment of hot flashes in menopausal women, and having initiated Phase III clinical development of LibiGel, our transdermal testosterone gel for the treatment of female sexual dysfunction. Our objective with respect to all of our products is to fund their development and commercialization in a way that maximizes stockholder value. Teva is an exceptional partner - it is a multinational pharmaceutical company with an impressive track record of sales and marketing in the US. This amended agreement with Teva will permit us to continue the co-development of our male testosterone hormone therapy product, which we believe, if and when commercialized, will have the potential to capture significant market share."
Published by Globes [online], Israel business news - www.globes.co.il - on June 12, 2007
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