TEVA SECURES OPTION TO INVEST ADDITIONAL $22 MILLION IN CURETECH
Israel-based drugmaker CureTech has finalized an agreement in which Teva Pharmaceutical has received an option to invest $22 million in the company, in addition to a $6 million investment announced several months ago.
The investment will provide for full development of CureTech's lead product, the humanized monoclonal antibody CT-011. The medication will also be registered in the U.S. and Europe, the company said.
Upon registration of the drug, Teva will hold the option of purchasing CureTech's remaining stakes and options from its current stockholders -- an amount that could total $160 million.