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DewDiligence

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Wednesday, 09/20/2006 12:30:20 AM

Wednesday, September 20, 2006 12:30:20 AM

Post# of 252302
Teva and Procognia (Israel) Ltd. Sign an Exclusive Collaboration Agreement for the Development of Biopharmaceuticals

[This sounds like TEVA’s response to MRK’s acquisition of GlycoFi, on a less grandiose scale. Procognia is a private company based in the UK.]

http://biz.yahoo.com/bw/060920/20060919006239.html?.v=1

>>
Wednesday September 20, 12:01 am ET

JERUSALEM & ASHDOD, Israel--(BUSINESS WIRE)--Sept. 20, 2006--Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA ) and Procognia (Israel) Ltd. announced today that they had entered into a collaboration agreement covering two biopharmaceuticals, for which Procognia (Israel) Ltd. will supply Teva services and access to its proprietary glycoanalysis technology on an exclusive basis. Teva Pharmaceutical Industries Ltd. will fund the costs of the collaboration and pay certain milestones and royalties to Procognia (Israel) Ltd. subject to pre-defined achievements relating to the usage of the technology in the development of the biopharmaceuticals.

"We believe that accessing the Procognia technology will provide Teva with a distinct competitive advantage," said Amir Elstein, Group Vice President - Global Specialty Pharmaceutical Products of Teva Pharmaceutical Industries Ltd. He added, "Glyco-analysis is a complex task in producing biopharmaceuticals. Accessing the technology and skill set from Procognia should significantly benefit both the development and manufacturing processes."

"We are delighted that our first major collaboration in this sector is with a recognised industry leader," said Dr. Shaike Yakir, President of Procognia (Israel) Ltd. "where the deal structure illustrates the potential advantages that our novel analytical platform can provide."

Further financial terms of the agreement are not disclosed.

About Teva

Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among the top 20 pharmaceutical companies in the world and is the leading generic pharmaceutical company. The company develops, manufactures and markets generic and innovative human pharmaceuticals and active pharmaceutical ingredients, as well as animal health pharmaceutical products. Over 80% of Teva's sales are in North America and Europe.

About Procognia (Israel) Ltd

Procognia (Israel) Ltd. is the wholly owned subsidiary of Procognia Ltd. a UK based private equity backed protein micro array business and a 2004 World Economic Forum Technology Pioneer award winner. Procognia (Israel) Ltd. has developed a biological microarray based platform for the rapid analysis of biopharmaceutical glycosylation, the complex carbohydrate chains that form part of the structure of many therapeutic proteins and affects their function. The platform provides valuable information to guide decision making through all stages of biopharmaceutical development including clone selection, process development and manufacturing.
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