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Andromeda Acquires Teva’s DiaPep277 Rights

Will pursue current Phase III development program in type 1 diabetes

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By: Kristin Brooks

Managing Editor, Contract Pharma

Andromeda Biotech Ltd. has entered an agreement with Teva Pharmaceutical Industries Ltd. to acquire Teva’s rights for Andromeda’s drug DiaPep277 for the treatment of type 1 diabetes. Teva will transfer its DiaPep277 rights and all of its shares in Andromeda, for total of approximately $72 million, payable in installments through future payments based on Andromeda’s revenues or on proceeds payable to its shareholders.   Andromeda will work to ensure that the current Phase III de...

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