Teva will pay $40 million for the lung disease drug developer and up to $125 million in milestone payments plus royalties.
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/ By Jewish Business News correspondent/
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) today announced that it has entered into a definitive agreement to acquire MicroDose Therapeutx, a pharmaceutical and drug delivery company focused on inhalation technologies and products for lung diseases and infections.
Teva will acquire all of MicroDose’s outstanding shares for $40 million at closing, and further payments of up to $125 million for regulatory and development milestones, plus sales-based milestones and tiered royalty payments upon commercialization of MDT-637 for respiratory syncytial virus (RSV) – an inhaled, low dose, small molecule, fusion inhibitor, which prevents viral replication, delivered via MicroDose’s technology. MicroDose’s pipeline also includes an earlier stage asthma/COPD medicine.
With the acquisition, Teva said that it is taking a significant step toward expanding its respiratory pipeline. Teva will now have access to MicroDose’s proprietary technology including its multi-dose dry powder nebulizer device, which requires no preparation and can be administered in under 30 seconds.
Teva president global R&D and chief scientific officer Dr. Michael Hayden said, “The MicroDose platform is both simple and attractive, and their addition will help us to address the unmet needs of the youngest and oldest patients, who have a requirement for a better way of taking the medicines they rely upon.”
MicroDose president, CEO and chairman Anand V. Gumaste said, “We believe this agreement provides a unique opportunity to advance MicroDose’s platform technology and development programs for the greatest benefit of patients. Teva has a strong and growing franchise in respiratory diseases, with extensive experience in both delivery mechanisms and novel therapeutic modalities.”