Teva and Abingworth, a leading international life sciences investment group, part of global investment firm Carlyle (NASDAQ: CG), today also announced a strategic development funding agreement in which Abingworth provides Teva up to
As part of the clinical collaboration agreement, Launch Therapeutics, a clinical development company backed by Abingworth and Carlyle, will have the lead role in the operational execution and management of the planned clinical trials, focused on accelerating Teva's ICS-SABA (TEV-'248) clinical research program. Teva will retain primary responsibility for manufacturing, regulatory interactions in the
If TEV-'248 receives
Teva's TEV-'248 has potential to be the first ICS/SABA for both adult and pediatric indications, combining fluticasone propionate and albuterol sulfate delivered via Teva's breath-activated, multi-dose dry powder inhaler (MDPI), which is used with other approved medicines in Teva's respiratory product portfolio.
'As we execute our Pivot to Growth Strategy, we are focused on accelerating our late-stage innovative pipeline and delivering meaningful new therapies to people living with unmet medical need,' said
'Launch Therapeutics is excited to partner with Teva to co-develop its ICS-SABA (TEV-'248) clinical program and to bring this vital therapy to asthma patients,' said
'Abingworth is thrilled to enter this strategic development funding agreement with Teva around its exciting ICS-SABA (TEV-'248) program. It is another great example of where we can put capital to work, alongside the operational expertise of Launch Therapeutics, to seek to accelerate the late-stage clinical development of a highly promising program towards patients in need of new therapies,' commented
About ICS/SABA - fluticasone/albuterol (TEV-'248)
Short-Acting Beta-Agonists (SABAs) are used for the treatment of asthma symptoms providing rapid relief. SABAs do not address the underlying inflammation, which can lead to SABA overuse and poor clinical outcomes, including a correlation with increased mortality. This evidence has led the Global Initiative for Asthma (GINA) to stop recommending the use of SABA alone for patients with asthma. Instead, combining SABA with Inhaled Corticosteroids (ICS) is safer and more effective, addressing both immediate symptoms and long-term inflammation, leading to improved asthma management, including a significant reduction in the risk of severe exacerbations (asthma attacks). Teva's albuterol/fluticasone combination (TEV-'248) is currently in Phase 3 clinical trials to demonstrate a reduction in severe exacerbations compared to reliever treatment with SABA alone (Study FpA-AS-30094) and the airway relaxation effect of albuterol in the combination product (Study FpA-AS-30093).
About Teva
About Abingworth
Abingworth is a leading transatlantic life sciences investment firm. Abingworth helps transform cutting-edge science into novel medicines by providing capital and expertise to top caliber management teams building world-class companies. Since 1973, Abingworth has invested in 185 life science companies, leading to 50+ M&A transactions and more than 75 IPOs. Our therapeutic focused investments fall into three categories: seed and early-stage, development stage, and clinical co-development. Abingworth supports its portfolio companies with a team of experienced professionals at offices in
About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With
About Launch Therapeutics
Launch Therapeutics is a clinical development company with a mission to disrupt the late-stage development paradigm, accelerate timelines to regulatory success, and bring new medicines to patients faster. Launch Therapeutics offers pharmaceutical and biotech companies a variety of innovative models that combine access to capital with deep drug development, medical, clinical operations, regulatory, and commercialization expertise. Founded in 2022, Launch Therapeutics is backed by leading investors, Carlyle and its life sciences franchise, Abingworth, and is led by a committed, experienced team with an enthusiastic passion to fulfil its mission.
Teva Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management's current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. You can identify these forward-looking statements by the use of words such as 'should,' 'expect,' 'anticipate,' 'estimate,' 'target,' 'may,' 'project,' 'guidance,' 'intend,' 'plan,' 'believe' and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance. Important factors that could cause or contribute to such differences include risks relating to: our ability to effectively execute our clinical collaboration agreement with Launch Therapeutics; our ability to effectively execute the development funding agreement with Abingworth; our ability to develop and commercialize ICS-SABA (TEV-'248) for both adult and pediatric indications; our ability to pay milestone payments under the development funding agreement with Abingworth; the risk that we will incur significant costs in connection with the development of the ICS-SABA (TEV-'248) program, which may exceed any revenue generated by the product; risks that regulatory approvals and other requirements may delay the development and commercialization of the product; our ability to successfully launch and execute our Pivot to Growth strategy including to expand our innovative and biosimilar medicines pipeline and profitably commercialize the innovative medicines and biosimilar portfolio, whether organically or through business development; our substantial indebtedness; our business and operations in general; compliance, regulatory and litigation matters; the impact of the state of war declared in
Contact:
Email: elizabeth.kuronen@launchtx.com
Tel: +1 (973) 832-2810
Tel: +972 (3) 906-2645
Web: www.abingworth.com
(C) 2024 Electronic News Publishing, source