Teva Pharmaceutical Industries and Microchips Biotech, Inc. announced that they have entered into a partnership under which the companies will explore innovative ways to apply Microchips Biotech’s implantable drug delivery device to Teva’s portfolio of products with the goal of enhancing clinical outcomes for patients on chronic drug therapies. Microchips Biotech’s electronic device is made up of microchip arrays that can store hundreds of therapeutic doses of drug for periods ranging from months to years and releases each dose at precise times. The device can be programmed to release drug on a pre-determined schedule and will have wireless control features.
“The microchip-based implant is truly at the intersection of digital technology and medicine and the future of drug delivery for patients who cannot tolerate needles, require regular self-administered injections or where compliance is critical to outcomes,” stated Michael Hayden, MD, PhD, Teva’s President of Global R&D and Chief Scientific Officer. “At Teva we are leading innovation in medicine with promising new drugs and solutions for drug adherence to improve patient outcomes and reduce unnecessary healthcare complications.”
Under the terms of the agreement Teva will make a $35 million upfront payment to Microchips Biotech in the form of an equity investment and technology access fee. The partnership has an initial focus on one selected disease area, but will provide Teva with the option to later expand the program into several additional therapeutic areas and sensing applications that are proprietary to Teva. As programs advance, Microchips Biotech will receive development and commercial milestone payments and royalties on future product sales. Microchips Biotech will also receive funding to develop products for any future additional indications Teva may develop, and Teva will be responsible for Phase II and Phase III clinical development and regulatory filings. “We are thrilled to be aligned with an organization that sees the potential of our technology to transform the way medications are delivered to patients, providing the potential to increase compliance and significantly improve outcomes,” stated Cheryl R. Blanchard, Ph.D., Chief Executive Officer of Microchips Biotech. “This is the first of what we hope to be many partnerships with industry to leverage our technology across a broad array of therapeutic applications and disease states.”
About the Microchip-based Implant
The microchip-based implant is a self-contained hermetically-sealed drug delivery device that is easy to implant and remove in a physician’s office setting that can store hundreds of therapeutic doses over months and years, and releases each dose at precise times. The implant has been clinically-validated in human studies delivering parathyroid hormone in osteoporosis patients and the system is fully programmable via wireless communications to adjust dosing by physician and/or patient. The microchip-based technology was originally developed at MIT by renowned researchers Robert Langer, Ph.D. and Michael J. Cima, Ph.D.
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is a leading global pharmaceutical company that delivers high-quality, patient-centric healthcare solutions to millions of patients every day. Headquartered in Israel, Teva is the world’s largest generic medicines producer, leveraging its portfolio of more than 1,000 molecules to produce a wide range of generic products in nearly every therapeutic area. In specialty medicines, Teva has a world-leading position in innovative treatments for disorders of the central nervous system, including pain, as well as a strong portfolio of respiratory products. Teva integrates its generics and specialty capabilities in its global research and development division to create new ways of addressing unmet patient needs by combining drug development capabilities with devices, services and technologies. Teva’s net revenues in 2014 amounted to $20.3 billion. For more information, visit www.tevapharm.com.
About Microchips Biotech, Inc.
Microchips Biotech, Inc. is dedicated to improving the lives of patients by revolutionizing drug delivery. Our microchip-based implant has the potential to address significant unmet needs by simplifying dosing regimens and enhancing compliance for patients who need frequent dosing or require regular injections. We are developing applications for the microchip-based implant in multiple therapeutic indications including osteoporosis, diabetes, multiple sclerosis and women’s contraception and partner with industry and foundations to meet patient needs across the globe. For more information, visit www.microchipsbiotech.com
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Croatian President Josipovic and Dr Michael Hayden (Teva)
Teva opens Croatia’s Research Institute
The official opening was attended by renowned members of the local professional and scientific communities. Those in attendance made a tour of the new cutting-edge laboratories and attended presentations on future challenges in the pharmaceutical industry.
Croatian President Josipović visited Teva’s offices in Israel with a Croatian delegation two years ago. He was significantly impressed with the size of Teva’s investments in Croatia.
“At a time when we are fighting recession and losing self-confidence, the fact that we have such a company, which is expanding its operations and impact beyond Croatia, fills us with hope that we can do the same as a society.”, said President Josipović, addressing the audience at Teva’s R&D Center of Excellence.
He added that Teva was an excellent example of partnership between the business sector, the academic community and the labor market. He further expressed his belief that this cooperation would enable the development of new technologies and employment for young and highly educated people.
Dr. Michael Hayden, President of Teva’s Global R&D and Chief Scientific Officer, noted, “Our R&D Center in Zagreb is the largest pharmaceutical R&D center in Croatia, and the 3rd largest in Teva’s R&D network. The people we employ in Zagreb know they are not just part of a local operation. They are right at the heart of something much bigger. They are driving highly complex projects, requiring intimate knowledge of international regulatory requirements and working hand-in-hand with a truly global team. This enables us to meet the needs of our patients worldwide.“
Tim Orešković, President of PLIVA’s Management Board, also said, “I am exceptionally proud that Teva has recognized PLIVA, and therefore Croatia and its people, as a guarantee for its further successful operations. We are continuously investing in further education of our employees to enable them to successfully respond to current and future challenges in the healthcare industry”.
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The Human Resources Shared Service Centre (“HR SSC”), supporting Teva sites in Germany, Italy, Hungary, Switzerland, Austria, Greece, Croatia, Southeast Europe and Bulgaria, has been opened as part of PLIVA, a member of the Teva Group in Zagreb. The Centre in Zagreb will be the largest HR SSC in Europe and provide HR support to about 11 000 Teva employees.
The HR SSC is the third shared service centre of a multinational company Teva to be opened in Zagreb and Croatia, and its objective is to improve the quality of services and HR efficiency, thus leveraging synergies and additionally increasing Teva’s competitiveness.
In addition to already two centres supporting Teva’s operations in Zagreb, one covering IT and the other one covering finance, this third SSC in Zagreb will provide HR support to other Teva sites in European countries. In a contemporary competitive environment, this is yet another proof that our employees in Zagreb have the potential for further growth and that Croatia has the knowledge and competitive capacities to achieve excellence.
Germany is the first country to be integrated into the HR SSC Zagreb, and other European sites will gradually follow. New jobs have been planned, and the number of employees will increase as the project develops.
Ivan Vrdoljak, Croatian Minister of Economy, was also present at the HR SSC opening. Niels Walch, Senior Vice President, Human Resources Europe, said on the occasion of opening: “The establishment of HR SSCs contributes to improving the quality of services and HR efficiency, and to leveraging HR support to Teva’s overall operations. In this way, we shall ensure high quality services for all of our employees and we shall enable our local HR teams, responsible for individual countries, to become better business partners to the management. A number of criteria played a role in selecting the location for Teva’s HR SSC, and Zagreb has won thanks to its long term tradition of excellence and efficiency in human resource management.“
Mihael Furjan, President of the Management Board of PLIVA CROATIA, added: “People are our key resource and the credit for all our achievements goes to them. Continuous care about employees and their development contributes to the overall quality of our activities. PLIVA in Croatia has been recognised as one of the best and most attractive employers, especially among the highly educated. The opening of this SSC confirms that the quality of our employees and processes has been also recognized on the international level. We are pleased that PLIVA hereby directly contributes to the introduction of international business standards and to the development of the communities in which it operates by encouraging growth and employment. This also reconfirms the importance of the pharmaceutical industry as one of the strategic industries for Croatia and TEVA’s status as one of the largest investors in Croatia and one of the leading exporters to international markets.“