Galena Biopharma,
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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