Teva returns rights to heart cell therapy to Mesoblast
Israeli drugmaker Teva (NYSE: TEVA) has returned full rights to a drug for heart condition in late stage trials to Mesoblast (Nasdaq: MESO).
Teva, which owned a 60% stake in the stem cell therapy MPC-150-IM, has returned full rights back to the Australian firm. The drug is in late-stage testing in advanced chronic heart failure.
Silviu Itescu chief executive of Mesoblast, said: “We are delighted to regain full control of this very valuable asset in our portfolio, and to have been offered a finance facility we can draw on to meet the funding requirements for the program. The growing body of clinical evidence validates our strong conviction in the potential of our product candidate MPC-150-IM to change the way that advanced heart failure is treated.”
Mesoblast said it will continue the drug development bit is on the lookout for a new partner to help gain approval as well as a partner to help with the marketing of the product. It does however have enough cash to complete testing, which is estimated to cost around $100 million.
The company said it has been offered an equity finance facility which will take care of the funding requirements for the program. Mesoblast aims to complete the Phase III trials within end-2017.
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