09.16.11
Teva Pharmaceutical Industries Ltd. has signed a collaboration option to license and invest in Cocrystal Discovery Inc. (CDI), a biopharma company focused on the discovery and development of novel antiviral Therapeutics for the treatment of serious and chronic viral diseases.
The investment in CDI will be used to continue its development program of antiviral drugs that target viral replication enzymes. CDI is using its technologies to develop oral, once-a-day, broad-spectrum antivirals for the treatment of hepatitis C, influenza and rhinovirus (common cold).
Teva will initially invest $7.5 million in CDI for the development of an antiviral drug targeting the polymerase Enzyme of the hepatitis C virus. Upon completion, Teva will have the option to make additional investments under certain milestones. Teva will have the right to exclusively license the drug for further development and commercialization and also has the option to further invest in CDI for the development of two additional antiviral or antibacterial drugs. For these investments, Teva will receive as much as 23% holdings in CDI.
“We are delighted with this investment from Teva, a leading global company that develops important new medicines bringing value to patients,” said Nobel Laureate Roger Kornberg, Ph.D., chief scientist at CDI and member of Teva’s board. “Through this agreement, CDI is now ideally placed to accelerate the development of our novel platform, which combines high resolution X-Ray Crystallography with unique and advanced computational methods. It is our hope we can yield new and better drugs for the treatment and prevention of many viral diseases."
“This new partnership further illustrates Teva’s commitment to develop innovative therapies,” said Dr. Aharon Schwartz, head of Teva's Innovative Ventures. “If successful, these novel technologies could revolutionize the Drug Discovery process for antivirals, an area of a high unmet need. We believe this innovative technology offers significant promise for pharmaceutical discovery in areas of strategic importance for Teva.”
The investment in CDI will be used to continue its development program of antiviral drugs that target viral replication enzymes. CDI is using its technologies to develop oral, once-a-day, broad-spectrum antivirals for the treatment of hepatitis C, influenza and rhinovirus (common cold).
Teva will initially invest $7.5 million in CDI for the development of an antiviral drug targeting the polymerase Enzyme of the hepatitis C virus. Upon completion, Teva will have the option to make additional investments under certain milestones. Teva will have the right to exclusively license the drug for further development and commercialization and also has the option to further invest in CDI for the development of two additional antiviral or antibacterial drugs. For these investments, Teva will receive as much as 23% holdings in CDI.
“We are delighted with this investment from Teva, a leading global company that develops important new medicines bringing value to patients,” said Nobel Laureate Roger Kornberg, Ph.D., chief scientist at CDI and member of Teva’s board. “Through this agreement, CDI is now ideally placed to accelerate the development of our novel platform, which combines high resolution X-Ray Crystallography with unique and advanced computational methods. It is our hope we can yield new and better drugs for the treatment and prevention of many viral diseases."
“This new partnership further illustrates Teva’s commitment to develop innovative therapies,” said Dr. Aharon Schwartz, head of Teva's Innovative Ventures. “If successful, these novel technologies could revolutionize the Drug Discovery process for antivirals, an area of a high unmet need. We believe this innovative technology offers significant promise for pharmaceutical discovery in areas of strategic importance for Teva.”
