Teva set to invest $22 m. in CureTech
By SHIRI HABIB-VALDHORN, GALI WEINREB / GLOBES
May 18, 2011 11:02
Teva Pharmaceutical Industries Ltd. is expected to invest a further $19-22 million in CureTech Ltd. on Wednesday after the company reported preliminary successful results of its Phase II clinical trial of CT-011 stem cell treatment of Diffuse Large B Cell Lymphoma.
The investment would be at a company value of $170 million.
Teva acquired 33% of CureTech in 2006, following the Phase I trial of CT-011, and it has the option to increase the stake depending on the results of CT-011's clinical trial. Teva also has an indirect stake in CureTech through Clal Biotechnology Industries Ltd.. CBI is CureTech's largest shareholder with a 37% stake, and Teva holds 15% of CBI.