Teva has exercised its option to invest an additional $19 million in the blood cancer treatment developer.
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has exercised its option to invest an additional $19 million in CureTech Ltd. and to finance up to $50 million of its R&D program. The new investment boosts Teva's stake in the blood cancer treatment company to 78% (75% fully diluted), and it has an option to acquire full control.
Teva decided on the new investment following the positive final results from the Phase II clinical trial of CureTech's CT-011drug for the treatment of diffuse large B-Cell lymphoma using. The trial met its primary endpoint and results showed significant improvement in both the overall survival and the progression-free-survival of the patients.
CureTech plans to initiate a Phase III clinical trial of CT-011 for lymphoma. It is carrying out a Phase II trial for colorectal cancer and it plans to shortly begin a third phase II trial for metastatic melanoma.
Following the investment, Clal Biotechnology Industries Ltd. (TASE:
Shiri Habib-Valdhorn and Gali Weinreb