Date: 2014-02-24
Type of information: Product acquisition
Compound: DiaPep277®
Company: Andromeda Biotech (Israel) Teva Pharmaceutical (Israel)
Therapeutic area: Metabolic diseases
Type agreement: product acquisition
Action mechanism: DiaPep277® is a peptide of 24 amino acids derived from the sequence of the human heat shock protein 60 (Hsp60). It was invented by Prof. Irun Cohen and his team at the Weizmann Institute of Science. The peptide acts by modulating the immune system, thus preventing the destruction of pancreatic cells that secrete insulin and preserving their natural function. Treatment of type 1 diabetes patients with DiaPep277® may have several medical benefits including slowing the deterioration of the disease, improved metabolic control, reduction of daily insulin dose requirements, and reduction of diabetic complications.
Disease: type 1 diabetes
Details:
Financial terms: According to the agreement, Teva shall transfer its rights in DiaPep277® and all of its shares in Andromeda to Andromeda, for total consideration of approximately $72 million, payable in installments through future payments based on Andromeda\'s revenues or on proceeds payable to its shareholders.
Latest news: