Biotech Values

[DewDiligence]

TEVA, Protalix Ink Development Deal for Two Proteins

[Are these the same two proteins on which TEVA is collaborating with Procognia (#msg-13432480)? Circumstantial evidence says they could be.]

http://biz.yahoo.com/bw/060926/20060926005995.html?.v=1

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Teva Pharmaceutical Industries Ltd. and Protalix Biotherapeutics Ltd. Announce a Collaboration Agreement for the Development of Two Biopharmaceuticals, Based on Protalix's Recombinant Plant Cell Expression Technology

Tuesday September 26, 1:28 pm ET

JERUSALEM--(BUSINESS WIRE)--Teva Pharmaceutical Industries Ltd. and Protalix Biotherapeutics Ltd. (Nasdaq: TEVA ) have signed a collaboration and licensing agreement for the development of two proteins, using Protalix's plant cell culture platform. The undisclosed proteins, aimed at large-sized markets are not part of Protalix's current product development pipeline.

In the framework of the agreement signed, the two companies will collaborate on research and development of the two proteins utilizing Protalix's expression system. Teva will be granted an exclusive license from Protalix to commercialize the developed products in return for royalty and milestone payments to be made to Protalix upon the achievement of certain pre-defined goals. Protalix will retain certain exclusive manufacturing rights.

"We believe that accessing Protalix's plant cell culture platform will provide Teva with various advantages, including IP advantages and reduced cost of goods," said Amir Elstein, Group Vice President - Global Specialty Pharmaceutical Products of Teva Pharmaceutical Industries Ltd. He added, "This cooperation reflects Teva's growing commitment to invest in the biopharmaceutical arena and to provide safe and efficacious biopharmaceuticals based on innovation and cutting edge technologies."

Dr. David Aviezer, Protalix's CEO said: "We are very pleased to collaborate in this program with Teva. Teva is an excellent partner for maximizing the commercialization of Protalix's protein development capabilities. This agreement is an important milestone for Protalix, providing recognition of our technology by a pharmaceutical industry leader. Furthermore, we believe this new protein collaboration will generate an important source of future revenue for Protalix and its partners."

About Protalix

Protalix's proprietary technology is based on its plant cell culture and bioreactor system which provides an effective and scaleable cell system for industrial production of recombinant biopharmaceuticals. Protalix has recently announced that it has completed Phase I clinical studies for its enzyme therapy for Gaucher disease, under an FDA Investigational New Drug study. Protalix intends to pursue advanced clinical studies for its enzyme therapy for Gaucher disease and advance additional recombinant biopharmaceutical drug development programs.

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.
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