Teva Pharma, Xenon Announces Teva's Worldwide License of Xenon's Pain Drug XEN402 - Teva Pharmaceutical Indus (NYSE:TEVA)

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Teva Pharmaceutical Industries Ltd (NYSE: TEVA) and Xenon Pharmaceuticals Inc.(Xenon) announced today that they have entered into a collaborativedevelopment and exclusive worldwide license for XEN402. XEN402 is currently inclinical development for a variety of painful disorders. This productspecifically targets sodium channels which are abundantly found in sensorynerve endings that can increase in chronic painful conditions. Under theAgreement, Teva will pay Xenon an upfront fee of $41 million. In addition Tevashall pay development, regulatory, and sales-based milestones totaling up to$335M. Xenon is entitled to royalties payable on sales and an option toparticipate in commercialization in the U.S.

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