climbed Wednesday on news the pharma product company struck a deal with
Teva Pharmaceutical Industries
Antares Pharma will provide its needle-free injection system exclusively for use with a currently unnamed product in the U.S.
Under the terms of the agreement, Teva will purchase all of its requirements for the injection system from Antares.
Antares will receive an upfront cash payment, milestone fees and a negotiated percentage of net sales as well as an undisclosed purchase price for each injection system sold.
Upon regulatory approval, the injection system will be marketed by Teva for exclusive administration with the unnamed product as soon as the fourth quarter of 2006 or early 2007.
Antares said this deal marks its third agreement with Teva in less than a year.
Shares of Antares were up 13 cents, or 12.2%, at $1.18 in recent trading Wednesday. Share of Teva were up 70 cents, or 2.1%, at $34.07.