Galena Biopharma Announces Signature of Commercialization Partnership With Teva for Israel
Galena Biopharma, (NASDAQ: GALE), a biotechnology company focused on developing innovative, targeted oncology treatments, today announced it has signed an agreement with a subsidiary of Teva Pharmaceutical Industries Limited for the commercialization of NeuVax™ (nelipepimut-S or E75) in Israel.
"This agreement is the first piece of our global commercialization strategy," said Mark Ahn, Ph.D., President and Chief Executive Officer, Galena Biopharma. "Teva is a world-class pharmaceutical company and a major pharmaceutical company in Israel. We look forward to their valuable financial support towards our development goals in Israel, as well as market leadership for NeuVax commercialization in the region."
Under the agreement, Teva Israel will assume responsibility for regulatory registration in Israel, provide financial support for local development, and will commercialize the product in the region. Specific financial terms were not disclosed, but the agreement allows for significant royalty payments to Galena Biopharma on future sales.
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