Teva to Invest More in CureTech - Analyst Blog
September 15 2011 - 12:52PM
Zacks
Teva Pharmaceutical Industries Ltd. (TEVA)
recently announced its intention to increase its investment in
CureTech Ltd. Besides investing an additional $19 million in
CureTech, Teva intends to finance up to $50 million of CureTech’s
R&D program.
Teva’s decision to increase its investment in CureTech is based
on positive final results on oncology candidate, CT-011. Results
from a phase II study showed that CT-011, an investigational
anti-PD-1 monoclonal antibody, met the primary endpoint of improved
progression-free survival (PFS) in patients with diffuse large B
cell lymphoma (DLBCL). CT-011 also demonstrated significant
improvement in overall survival and progression-free-survival.
DLBCL, an aggressive form of non-Hodgkin's lymphoma (NHL), is
estimated to affect about 40% of all NHL patients.
Preliminary phase II results had been announced in May 2011.
Based on the encouraging data, CureTech is looking to move CT-011
into a phase III study for the DLBCL indication. Besides this,
CT-011 is being studied for other indications as well including
colorectal cancer (phase II study ongoing) and metastatic melanoma
(phase II study to commence shortly).
With the additional investment, Teva’s holding in CureTech will
increase to 75%. Teva has the option to reach full ownership of
CureTech. Teva has been pretty active on the acquisition front
in the past few quarters. So far in 2011, the company has struck
several deals, including the upcoming acquisition of biopharma
company, Cephalon, Inc. (CEPH).
The Cephalon deal, which is scheduled to close in October 2011,
will not only strengthen Teva’s pipeline, it should also help the
company achieve its goal of increasing its branded revenues
significantly.
We currently have a Neutral recommendation on Teva, which
carries a Zacks #3 Rank (short-term Hold rating).
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