Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has acquired the Nordic and Baltic region distribution rights to its multiple sclerosis treatment oral laquinimod from Active Biotech (NASDAQ OMX NORDIC: ACTI). Active Biotech held the marketing and distribution rights to the medication.
Teva and Active Biotech said today that they amended their marketing and distribution agreement for oral laquinimod. Teva extended its marketing and distribution rights to include the Nordic and Baltic regions, and Active Biotech will receive a higher royalty rate for sales in these territories compared to the royalty rate set under the original licensing agreement signed in 2004 for sales in the rest of the world.
Teva VP global branded products Moshe Manor said, “We believe that laqunimod can be a leading oral therapy for MS as it has the potential to best combine the convenience of an oral formulation with a favorable efficacy, safety and tolerability profile.”
In February 2009, laquinimod received Fast Track designation from the U.S. Food and Drug Administration (FDA), which may allow the drug to enter the market as soon as late 2011.
Shares in Teva fell 0.05% to $56.73 in early trading on Nasdaq, giving a market cap of $49.9 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on February 8, 2010
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