06.18.15
Teva Pharmaceutical Industries and Microchips Biotech, Inc. have entered a partnership to explore ways to apply Microchips Biotech’s implantable drug delivery device to Teva’s portfolio of products to enhance clinical outcomes for 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.
Microchips will receive $35 million upfront in the form of an equity investment and technology access fee. The partnership will initially focus on one selected disease area with the option to expand the program into several additional therapeutic areas. As programs advance, Microchips Biotech will receive development and commercial milestone payments and royalties on future product sales. Microchips will also receive funding to develop products for any future additional indications Teva may develop, and Teva will be responsible for Phase II and III development and regulatory filings.
Microchips will receive $35 million upfront in the form of an equity investment and technology access fee. The partnership will initially focus on one selected disease area with the option to expand the program into several additional therapeutic areas. As programs advance, Microchips Biotech will receive development and commercial milestone payments and royalties on future product sales. Microchips will also receive funding to develop products for any future additional indications Teva may develop, and Teva will be responsible for Phase II and III development and regulatory filings.