Teva Pharmaceutical Industries
said Wednesday that it had signed a collaboration agreement covering two biopharmaceuticals for which
(Israel), a wholly owned subsidiary of U.K.-based Procognia, will supply Teva services and exclusive access to its proprietary glyco-analysis technology.
Teva will fund the costs of the collaboration and pay certain milestones and royalties to Procognia subject to pre-defined achievements relating to the usage of the technology in the development of the biopharmaceuticals, the Israel-based company said.
"We believe that accessing the Procognia technology will provide Teva with a distinct competitive advantage," the company said. "Glyco-analysis is a complex task in producing biopharmaceuticals. Accessing the technology and skill set from Procognia should significantly benefit both the development and manufacturing processes."
Shares of Teva were lower by 35 cents, or 1%, at $34.36 in recent trading Wednesday.
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