CureTech, an Israeli biotechnology company
specializing in development of innovative cancer
drugs, has finalized a deal in which Teva
Pharmaceuticals would invest $6 million in
CureTech, based on the company's potential value
of $64 million.
According to the agreement, Teva has received an
option of investing an additional amount of $22
million and increasing its stake in the company.
This amount would allow full development of their
flagship product, the CT-011 antibody, as well as
registration in both Europe and the United States.
In addition, upon registration of the drug, Teva
would hold the option of purchasing the remainder
of the stakes and options in the company from the
current holders for an amount of up to $160
million, an amount reflecting a company value of
According to Ruben Krupik, Chairman of CureTech,
"Teva's investment in CureTech is a serious vote
of confidence in the potential of the products we
are developing. We believe that Teva's addition
would contribute greatly to the development and
growth of CureTech."
According to Dr. Michael Schickler, CEO of
CureTech,who served in the past in management
positions in Pharmos and as a scientist at
Hoffman-La Roche, "The unique agreement structure
allows CureTech to focus on promoting its
products and bringing them to market, and at the
same time to maximize the company's value to its
CureTech, established in 2001, is based on
technology, which originated from the
laboratories of Dr. Brita Hardy and Prof. Abraham
Novogrodski of Tel Aviv University.