Procognia will supply Teva services and access to its proprietary glycoanalysis technology.
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) and Procognia (Israel) Ltd. today announced that they had reached a cooperation agreement on two biopharmaceutical products. Under the agreement, Procognia will supply Teva services and access to its proprietary glycoanalysis technology on an exclusive basis, and 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.
Teva group VP global specialty pharmaceutical products Amir Elstein said, "We believe that accessing the Procognia technology will provide Teva with a distinct competitive advantage. 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."
Procognia pesident Dr. Shaike Yakir said, "We are delighted that our first major collaboration in this sector is with a recognized industry leader where the deal structure illustrates the potential advantages that our novel analytical platform can provide."
Published by Globes [online], Israel business news - www.globes.co.il - on September 20, 2006
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