(RTTNews) - Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries (TEVA) and funds managed by Blackstone Life Sciences announced a $400 million strategic funding agreement spread across four years to support the continued clinical development of duvakitug. Blackstone Life Sciences will provide Teva $400 million to fund ongoing and future development costs for duvakitug, spread over four years. Subject to the approval of duvakitug by the FDA, Teva will pay BXLS a milestone payment. Blackstone Life Sciences will also be eligible to receive commercial milestones and low single-digit royalties on duvakitug worldwide sales.
Duvakitug is a human monoclonal antibody targeting TL1A. Duvakitug is currently in phase 3 clinical studies for the treatment of ulcerative colitis and Crohns disease. Under a separate and independent agreement, Teva is co-developing and, subject to regulatory approval, will be co-commercializing this asset with Sanofi.
At last close, shares of Teva were trading at $32.28, down 4.41%.
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