Teva Strengthens Respiratory Franchise
News Jun 19, 2013
Teva Pharmaceutical Industries Ltd. has announced that it has entered into a definitive agreement to acquire MicroDose Therapeutx, a privately-held pharmaceutical and drug delivery company focused on inhalation technologies and products for lung diseases and infections with the potential to dramatically improve efficacy and patient compliance.
With the addition of MicroDose’s technologies and products, Teva 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.
MicroDose’s current pipeline is anchored by MDT-637 for respiratory syncytial virus (RSV) - an inhaled, low dose, small molecule, fusion inhibitor which prevents viral replication, delivered via MicroDose’s technology.
“I am thrilled that Teva can now count the exciting MicroDose products and technologies amongst our growing respiratory portfolio. 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,” stated Michael Hayden, President, Teva Global R&D, and Chief Scientific Officer.
Under the terms of the deal, Teva will acquire all of MicroDose’s outstanding shares for a payment at closing of $40 million, additional payments of up to $125 million upon achievement of regulatory and development milestones, plus sales-based milestones and tiered royalty payments upon commercialization of MDT-637 and an earlier stage Asthma/COPD medicine.
Anand V. Gumaste, President, CEO and Chairman of MicroDose, stated, “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. Teva also has a worldwide market presence and leading global supply chain.”
Stifel acted as exclusive financial advisor to MicroDose Therapeutx in this transaction.