Date: 2011-09-15
Type of information: Development agreement
Compound: antiviral therapeutics
Company: Teva Pharmaceutical (Israel) Cocrystal Discovery (USA)
Therapeutic area: Infectious diseases
Type agreement: development
licensing
share purchase
Action mechanism:
Disease: serious and chronic viral diseases
Details: Teva Pharmaceutical Industries has signed a collaboration option to license and share purchase agreements to invest in Cocrystal Discovery Inc (CDI) . Cocrystal has innovative atomic-level structure determination and unique computational technologies that enable the creation of first- and best-in-class antivirals. Cocrystal\'s mission today is to discover and develop oral small molecule inhibitors of the viral replication complex focusing on Hepatitis C, influenza and the common cold viruses
This investment will be utilized by CDI to continue its development program of novel antiviral drugs that target viral replication enzymes. Currently, CDI is using its unique technologies to develop oral, once-a-day, broad-spectrum antivirals for the treatment of Hepatitis C, influenza and rhinovirus (common cold).
Under the terms of the agreement, Teva will initially invest $7.5 million in CDI, and CDI will develop for Teva an antiviral drug targeting the polymerase enzyme of the Hepatitis C virus. Upon completion of the initial development plan, 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, under agreed-upon commercial terms.
Financial terms: Teva will initially invest $7.5 million and CDI will develop for Teva an antiviral drug targeting the polymerase enzyme of the Hepatitis C virus. Upon completion of the initial development plan, Teva will have the option to make additional investments under certain milestones. Teva also has the option to further invest in CDI for the development of two additional antiviral or antibacterial drugs. For all such investments, Teva will receive up to approximately 23% holdings in CDI.
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