Teva investing $19M in CureTech, aiding in R&D
From Associated Press (September 13, 2011)
Teva Pharmaceutical Industries Ltd. said Tuesday that it will invest $19 million in CureTech Ltd. and finance up to $50 million of the company's research and development costs.
The move will boost Israel-based Teva's holdings in CureTech to 75 percent. It has the option to reach full ownership of CureTech.
Teva said it decided to exercise its option to increase its stake in CureTech after a phase II trial of CT-011, a treatment for lymphoma, produced positive results.
Lymphoma is a type of cancer that takes hold in the body's immune system cells.
Teva said that the study results showed a significant improvement in the overall survival of patients and in the progression-free-survival of the patients.
"This investment is part of Teva's strategy to expand our branded activities into specialty therapeutic areas, such as oncology," said Aharon Schwartz, head of Teva's Innovative Ventures.
Teva shares added 20 cents to $38.12 in afternoon trading.
Posted: September 2011