Andromeda Biotech Ltd.
has entered an agreement with Teva Pharmaceutical Industries Ltd.
to acquire Teva's rights for Andromeda's drug DiaPep277 for the treatment of type 1 diabetes. Teva will transfer its DiaPep277 rights and all of its shares in Andromeda, for total of approximately $72 million, payable in installments through future payments based on Andromeda's revenues or on proceeds payable to its shareholders.
Andromeda will work to ensure that the current Phase III development program of DiaPep277 will continue according to plan, without delays in an effort to gain regulatory approval.