CEL-SCI Announces Exclusive Licensing Agreement with Teva for Cancer Drug Multikine
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CEL-SCI Corporation has announced that it has entered into an exclusive licensing agreement with Teva Pharmaceutical Industries Ltd. (Teva) under which CEL-SCI has granted Teva an exclusive license to market and distribute the Company's cancer drug Multikine for Israel and Turkey (the Territory).
The licensing agreement is initially restricted to the areas of head and neck cancer. Teva has the right, subject to certain conditions, to extend the licensing agreement to include other cancers during the term of this agreement. Multikine is currently thought to be potentially useful in treating many tumor types.
Pursuant to the agreement, Teva will participate in CEL-SCI's upcoming global Phase III clinical trial. Teva will fund a portion of the Phase III clinical study and Teva's clinical group will conduct part of the clinical study in Israel under the auspices of CEL-SCI and its Clinical Research Organization.
Teva will also be responsible for registering the product in the Territory. Once Multikine has been approved, CEL-SCI will be responsible for manufacturing the product, while Teva will be responsible for sales in the Territory. Revenues will be split 50/50 between CEL-SCI and Teva.
