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|November 09, 1999 10:36 a.m.|
|Teva Pharmaceutical Industries Ltd. And H. Lundbeck A/S Form Strategic Alliance for the Co-development and European Marketing Rights of Two Parkinson's Disease Drugs|
|Jerusalem, Israel, November 9, 1999 - Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) and H. Lundbeck A/S are pleased to announce that today they entered into a long term strategic alliance agreement for the co-development and marketing in Europe of two innovative products for the treatment of Parkinson's disease. Teva will retain exclusive marketing rights in the rest of the world, including North America, for these products. |
The first product covered by the agreement is TV 1203 currently in phase II clinical studies. TV 1203 is a pro drug of L-dopa - the most frequently used product for treatment of Parkinson's Disease. Results of phase II clinical studies indicate that TV 1203 has a faster onset of effect than L-dopa, thereby reducing the time patients have to wait for relief of Parkinsonian symptoms.
The second product - Rasagiline - is currently in phase III clinical trials. Rasagiline is a potent, irreversible and selective inhibitor of the enzyme, monoamine oxide type B (MAO-B) that contributes to the breakdown of dopamine. Rasagiline has shown encouraging effects in phase II clinical trials in Parkinson's Disease(both as mono and adjunct therapy).
Parkinson's disease affects approx. 1 % of the population over 60 years of age and the prevalence increases dramatically with age. Today available therapy was not proven to halt or reverse the degeneration of the nerve cells of the brain believed to cause the disease. The most notable symptoms of the disease are tremor, muscular rigidity, akinesia (immobility) and bradykinesia (slowness of movement).
The parties are reviewing another product under development in the area of Central Nervous System (CNS) that may be added to the agreement.
Eli Hurvitz, the President and Chief Executive Officer of Teva stated: "We are pleased at the opportunity this brings to Teva. Lundbeck has vast experience in the field of CNS, which we anticipate that Lundbeck will bring to bear on the development of these projects. Lundbeck will be providing a substantial financial contribution to the development of these projects which will enable us to proceed at full speed and intensity on these projects without increasing the burden on our income statement and without detracting from our other R&D efforts."
Erik Sprunk Jansen, President and Chief Executive Officer of H. Lundbeck A/S said, "I take great pride in announcing that Lundbeck today has entered into a long term collaboration with Teva. I look very much forward to working closely together with Teva and I am convinced that it will be to the benefit of both our companies."
The Danish company Lundbeck - which was listed at the Copenhagen Stock Exchange in June 1999 - is an international pharmaceutical company engaged in the research and development, production, marketing and sale of drugs for the treatment of psychiatric and neurological diseases. In 1998 the company had a consolidated net sales of $500 million. The company has 28 subsidiaries and employs approximately 2,800 people world wide.
Teva Pharmaceutical Industries Ltd., is Israel's largest pharmaceutical company, with 80% of its sales in the United States and Europe. The Company develops, manufactures, and markets generic and branded human pharmaceuticals (including its proprietary Multiple Sclerosis treatment - Copaxone®), active pharmaceutical ingredients and veterinary products.
Safe Harbor Statement: This release contains-forward looking statements which express the beliefs and expectations of management. Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause the Company's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include the impact of pharmaceutical industry regulation, the difficulty of predicting FDA and other regulatory authority approvals, the regulatory environment and changes in the health policies and structure of various countries, acceptance and demand for new pharmaceutical products and new therapies, the impact of competitive products and pricing, the availability and pricing of ingredients used in the manufacture of pharmaceutical products, uncertainties regarding market acceptance of innovative products newly launched, currently being sold or in development, the impact of restructuring of clients, reliance on strategic alliances, fluctuations in currency, exchange and interest rates, operating results, the impact of the year 2000 issue and other factors that are discussed in the Company's Annual Report on Form 20-F and the Company's other filings with the U.S. Securities and Exchange Commission.
|Teva Pharmaceutical Industries Ltd |