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Teva to collaborate on new UK Government-led clinical drug development
initiative
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The initiative creates a single point of entry into the UK health
system reducing complexity and increasing speed, efficiency of running
drug development programs
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Teva plans to invest approximately $20 million in clinical development
in the UK and up to an additional $1 million for basic research into
dementia – one of the critical global healthcare issues facing society
today
JERUSALEM--(BUSINESS WIRE)--Mar. 13, 2014--
Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) announced today a
significant collaboration between Teva and the United Kingdom (UK)
Government’s National Health Service National Institute for Health
Research (NIHR) Office for Clinical Research Infrastructure (NOCRI).
Erez Vigodman, Teva Pharmaceutical President & CEO; David Cameron, UK Prime Minister & Binyamin Netanyahu, Israel Prime Minister. Photo credit to Sivan Farag.
The two-part collaboration follows the creation of an important new
research infrastructure model by the UK’s National Health Service (NHS),
and was announced in the presence of UK Prime Minister, David Cameron,
Israel Prime Minister, Binyamin Netanyahu, and Teva’s President and CEO
Erez Vigodman by Dr. Michael Hayden, Teva’s President of Global R&D and
Chief Scientific Officer, at a special UK-Israel Tech Hub at the
British Embassy Israel event held at Teva’s Jerusalem site.
Clinical Drug Development Collaboration
The UK is a well-established world-leader in high quality clinical
research. However, recognizing the need to constantly innovate and
improve, NOCRI has created a novel model that streamlines the approach
to undertaking clinical development in the UK. The new model provides a
single point of entry into the UK healthcare system that cuts out the
inherent complexities and inefficiencies of dealing with many and varied
stakeholders within the combined medical and academic network on an
individual and centre by centre basis.
Teva has an extensive clinical stage pipeline that is being developed
globally and as part of this collaboration plans to spend approximately
$20 million on conducting trials in the UK. This agreement enables Teva
to benefit from the NIHR's new translational research infrastructure,
their ability to set-up and deliver studies, and access to well
characterized cohorts of patients from within the National Health
Service.
Dementia Research Collaboration
The global cost of managing dementia currently exceeds $604 billion per
year – approximately equivalent to the total GDP of Switzerland.
According to the World Health Organization (WHO), the number of people
living with dementia is set to treble, to 115 million, in less than 40
years. The recent G8 Dementia Summit in London, spearheaded by David
Cameron, and attended by Dr. Hayden, has set out to tackle the issue of
dementia, and Teva has now committed to a three-year dementia research
program, providing funding of up to $1 million for early stage work in
UK academic and medical centres. This work will be focused on
understanding targets, mechanisms and new approaches to treatment of
different causes and types of dementia. As part of the agreement, NOCRI
will facilitate Teva’s access to the NIHR Biomedical Research Centres
and Units in Dementia and Translational Research Partnership in
Dementia. Teva will maintain the right to negotiate licenses to these
targets.
“We are delighted to collaborate with NIHR on both clinical development
and early dementia research. It will be a catalyst for innovation to
take place within a healthcare system that is admired the world over,”
said Dr. Michael Hayden. “The relationship between Teva, Israel and the
UK is a long and fruitful one and I am proud that we can now add another
example of us working together as partners for innovation and health.”
Prime Minister Cameron said: "This is an excellent area for Britain and
Israel to collaborate on. The meaning of Teva is nature, and it is in
the nature of Israelis and Brits to be entrepreneurial. Success in
technology, innovation, and the pharmaceutical and healthcare industries
and are a must if Israel and Britain are to compete in the global race."
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) is a leading global
pharmaceutical company, committed to increasing access to high-quality
healthcare by developing, producing and marketing affordable generic
drugs as well as innovative and specialty pharmaceuticals and active
pharmaceutical ingredients. Headquartered in Israel, Teva is the world's
leading generic drug maker, with a global product portfolio of more than
1,000 molecules and a direct presence in approximately 60 countries.
Teva's Specialty Medicines businesses focus on CNS, respiratory
oncology, pain, and women's health therapeutic areas as well as
biologics. Teva currently employs approximately 45,000 people around the
world and reached $20.3 billion in net revenues in 2013.
Safe Harbor Statement under the U.S. Private Securities Litigation
Reform Act of 1995:
This release contains forward-looking statements, which are based on
management’s current beliefs and expectations. Such statements involve a
number of known and unknown risks and uncertainties that could cause our
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 risks relating to: our ability to
develop and commercialize additional pharmaceutical products;
competition for our innovative products, especially Copaxone®
(including competition from orally-administered alternatives, as well as
from potential generic versions); the possibility of material fines,
penalties and other sanctions and other adverse consequences arising out
of our ongoing FCPA investigations and related matters; our ability to
achieve expected results from the research and development efforts
invested in our pipeline of specialty and other products; our ability to
reduce operating expenses to the extent and during the timeframe
intended by our cost reduction program; our ability to successfully
pursue and consummate suitable acquisitions or licensing opportunities;
the extent to which any manufacturing or quality control problems damage
our reputation for quality production and require costly remediation;
our potential exposure to product liability claims that are not covered
by insurance; increased government scrutiny in both the U.S. and Europe
of our patent settlement agreements; our exposure to currency
fluctuations and restrictions as well as credit risks; the effectiveness
of our patents and other measures to protect the intellectual property
rights of our specialty medicines; the effects of reforms
in healthcare regulation and pharmaceutical pricing, reimbursement and
coverage; governmental investigations into sales and marketing
practices, particularly for our specialty pharmaceutical products;
uncertainties related to our recent management changes; the
effects of increased leverage and our resulting reliance on access to
the capital markets; any failure to recruit or retain executives or
other key personnel; adverse effects of political or economical
instability, major hostilities or acts of terrorism on our significant
worldwide operations; interruptions in our supply chain or problems with
internal or third-party information technology systems that adversely
affect our complex manufacturing processes; significant disruptions of
our information technology systems or breaches of our data security; competition
for our generic products, both from other pharmaceutical companies and
as a result of increased governmental pricing pressures; competition for
our specialty pharmaceutical businesses from companies with greater
resources and capabilities; decreased opportunities to obtain U.S.
market exclusivity for significant new generic products; potential
liability for sales of generic products prior to a final resolution of
outstanding patent litigation; any failures to comply with complex
Medicare and Medicaid reporting and payment obligations; the impact of
continuing consolidation of our distributors and customers; significant
impairment charges relating to intangible assets and goodwill; the
potential for significant tax liabilities; the effect on our overall
effective tax rate of the termination or expiration of governmental
programs or tax benefits, or of a change in our business; variations in
patent laws that may adversely affect our ability to manufacture our
products in the most efficient manner; environmental risks; and other
factors that are discussed in our Annual Report on Form 20-F for the
year ended December 31, 2013 and in our other filings with the U.S.
Securities and Exchange Commission. Forward-looking statements speak
only as of the date on which they are made and we assume no obligation
to update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20140313005915/en/
Source: Teva Pharmaceutical Industries Ltd.
Teva Pharmaceutical Industries Ltd.
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