Teva Pharmaceutical (NYSE:TEVA) and Microchips Biotech said they inked a $35 million co-development deal to explore using Microchips’ implantable drug delivery device with Teva’s line of drugs.
The wireless Microchips device can store 100s of doses for months or even years and be programmed to release the drug at precise times or schedules, the companies said yesterday.
“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,” Teva chief scientific officer Dr. Michael Hayden said in prepared remarks. “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.”
The deal calls for Teva to pay $35 million up front to Microchips Biotech. The initial focus will be on a single disease, the companies said, with the option to expand into “several additional therapeutic areas and sensing applications that are proprietary to Teva.”
The agreement also includes development and commercial milestones and royalties on future sales, they said. Teva will also cover the cost of developing the Microchips tech for other indications Teva may develop; Teva will be responsible for Phase II and Phase III clinical work and regulatory filings, the companies said.
“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,”Microchips Biotech CEO Cheryl Blanchard said in prepared remarks. “This is the 1st of what we hope to be many partnerships with industry to leverage our technology across a broad array of therapeutic applications and disease states.”
