Teva Announces Drug Development Investment in Cocrystal Discovery Inc.

This investment will be utilized by Cocrystal Discovery Inc. (CDI) to continue its development program of novel antiviral drugs that target viral replication enzymes. Currently, CDI is using its unique technologies to develop oral, once-a-day, broad-spectrum antivirals for the treatment of Hepatitis C, influenza and rhinovirus (common cold).

Under the terms of the agreement, Teva will initially invest $7.5 million in CDI, and the Company will develop for Teva an antiviral drug targeting the polymerase enzyme of the Hepatitis C virus. Upon completion of the initial development plan, Teva will have the option to make additional investments under certain milestones. Teva will have the right to exclusively license the drug for further development and commercialization, under agreed-upon commercial terms. “We are delighted with this investment from Teva, a leading global company that develops important new medicines bringing value to patients,” said Nobel Laureate Roger Kornberg, Ph.D., Chief Scientist at CDI and member of the Board of Directors of Teva. “Through this agreement, CDI is now ideally placed to accelerate the development of our novel platform, which combines high resolution X-ray crystallography with unique and advanced computational methods. It is our hope we can yield new and better drugs for the treatment and prevention of many viral diseases."

Teva also has the option to further invest in CDI for the development of two additional antiviral or antibacterial drugs. For all such investments, Teva will receive up to approximately 23% holdings in CDI.

“This new partnership further illustrates Teva’s commitment to develop innovative therapies,” said Dr. Aharon Schwartz, Head of Teva's Innovative Ventures. “If successful, these novel technologies could revolutionize the drug discovery process for antivirals, an area of a high unmet need. We believe this innovative technology offers significant promise for pharmaceutical discovery in areas of strategic importance for Teva.”