from the July 2006 issue

Teva Pharmaceuticals to Invest $6 Million in CureTech

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 $210 million. 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 investors. 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.

Reprinted from the Israel High-Tech & Investment Report July 2006

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