Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) and Microchips Biotech, Inc. have entered into a partnership to explore innovative ways to apply Microchips Biotech’s implantable drug delivery device to Teva’s portfolio of products. The aim is to enhance clinical outcomes for patients on chronic drug therapies.
Microchips Biotech’s electronic device is made up of microchip arrays that can store hundreds of therapeutic doses of drug for periods ranging from months to years and releases each dose at precise times. The device can be programmed to release drug on a pre-determined schedule and will have wireless control features.
Teva’s President of Global R&D and Chief Scientific Officer Dr. Michael Hayden said, “The microchip-based implant is truly at the intersection of digital technology and medicine and the future of drug delivery for patients who cannot tolerate needles, require regular self-administered injections or where compliance is critical to outcomes. At Teva we are leading innovation in medicine with promising new drugs and solutions for drug adherence to improve patient outcomes and reduce unnecessary healthcare complications.”
Teva will make a $35 million upfront payment to Microchips Biotech in the form of an equity investment and technology access fee. The partnership has an initial focus on one selected disease area, but will provide Teva with the option to later expand the program into several additional therapeutic areas and sensing applications that are proprietary to Teva.
As programs advance, Microchips Biotech will receive development and commercial milestone payments and royalties on future product sales. Microchips Biotech will also receive funding to develop products for any future additional indications Teva may develop, and Teva will be responsible for Phase II and Phase III clinical development and regulatory filings.
Published by Globes [online], Israel business news - www.globes-online.com - on June 18, 2015
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