Galena Biopharma has signed an agreement with a subsidiary of Teva Pharmaceutical Industries for the commercialization of the breast cancer drug NeuVax in Israel. Teva Israel will assume responsibility for regulatory registration, provide financial support for development, and will commercialize the product in the region. Galena is eligible to receive royalty payments on future sales.
"This agreement is the first piece of our global commercialization strategy," said Mark Ahn, Ph.D., president and chief executive officer, Galena Biopharma. "Teva is a world-class pharmaceutical company and a major pharmaceutical company in Israel. We look forward to their valuable financial support towards our development goals in Israel, as well as market leadership for NeuVax commercialization in the region."