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Compugen Climbs on Teva Collaboration

The two companies will work on finding biomarkers to indicate drug toxicity.
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Shares of

Compugen

(CGEN) - Get Compugen Ltd. Report

climbed Tuesday on news the company had inked a deal to collaborate with

Teva Pharmaceutical

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(TEVA) - Get Teva Pharmaceutical Industries Ltd. Report

on a project to discover biomarkers that can indicate drug toxicity prior to clinical stages of drug development.

The two Israel-based companies will focus initially on biomarkers for the early detection of potential nephrotoxicity, or toxicity of the kidney cells.

Under the terms of the agreement, Teva gets a license to use the discovered markers for research-and-development activities, and Compugen retains commercialization rights for licensing to other companies, as well as rights for internal use.

Shares of small-cap Compugen were up 21 cents, or 7.4%, at $3.06 in recent trading Tuesday. Teva shares were down 4 cents, or 0.1%, at $34.72.