Teva Pharmaceutical Industries

(TEVA) - Get Report

and

Protalix Biotherapeutics

signed a collaboration and licensing agreement for the development of two proteins, using latter's plant cell culture platform. The undisclosed proteins, aimed at large-sized markets are not part of Protalix's current product development pipeline.

As per the terms of the agreement, the two companies will collaborate on research and development of the two proteins utilizing Protalix's expression system. Teva will be granted an exclusive license from Protalix to commercialize the developed products in return for royalty and milestone payments to be made to Protalix upon the achievement of certain pre-defined goals, the Israel-based company said. However, Protalix will retain certain exclusive manufacturing rights.

"We believe that accessing Protalix's plant cell culture platform will provide Teva with various advantages, including IP advantages and reduced cost of goods," the company added. "This cooperation reflects Teva's growing commitment to invest in the biopharmaceutical arena and to provide safe and efficacious biopharmaceuticals based on innovation and cutting edge technologies."

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