Teva Pharma (TEVA) Extends Oral Laquinimod Marketing and Distribution Rights to Nordic and Baltic Regions
Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) and Active Biotech (NASDAQ: ACTI) announced today that they have amended the marketing and distribution agreement for oral laquinimod, an investigational treatment for relapsing-remitting multiple sclerosis (RRMS). Under the new agreement, Teva extended its marketing and distribution rights to include the Nordic and Baltic regions, previously held by Active Biotech. Active Biotech will receive a higher royalty rate for sales in these territories compared to the royalty rate set under the original licensing agreement signed in 2004 for sales in the rest of the world.
"We are very excited about the market potential of laquinimod. We believe that laqunimod can be a leading oral therapy for MS as it has the potential to best combine the convenience of an oral formulation with a favorable efficacy, safety and tolerability profile. " said Moshe Manor, Teva's Group VP, Global Branded Products. "Licensing a promising new therapeutic option - as we did with laquinimod - is an excellent example of how we plan to execute our branded strategy and expand our innovative pipeline."
"After working with Teva since 2004 on developing laquinimod we believe that Teva is the optimal marketing and distribution partner in our territory," said Tomas Leanderson, President & CEO Active Biotech. "We are also very satisfied with the commercial opportunity this offers to Active Biotech", .
Two global Phase III clinical trials to evaluate the efficacy, safety and tolerability of laquinimod - ALLEGRO and BRAVO - have completed enrollment in November 2008 and June 2009, respectively, and are currently ongoing. In February 2009, laquinimod received Fast Track designation from the U.S. Food and Drug Administration (FDA), which may allow the drug to enter the market as soon as late 2011.
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