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Home Industry News Teva to gain 10 per cent stake in Andromeda

Teva to gain 10 per cent stake in Andromeda

19th February 2009

Teva is due to increase its stake in Andromeda Biotech from three per cent to ten per cent due to a financial investment, it has been reported.

It will dedicate $10.5 million (7.3 million pounds) in funding to the drug manufacturer, which is currently in advanced phase III clinical trials of developing a Type I diabetes treatment called DiaPep277, according to Reuters.

There will be an option for Teva to invest a further $44 million at a company valuation of $480 million once the medicine has been approved for marketing in Europe, the news agency continued.

After this, if the treatment gets permitted in the United States, another $52 million can be given to the pharmaceutical company in funding.

Once this final stage has been completed, Clal Biotechnology Industries ? which currently owns 97 per cent of Andromeda ? will own 65 per cent of it and Teva will hold 35 per cent.

At present, Teva is among the top 20 pharmaceutical companies in the world, employing over 38,000 staff worldwide.

The firm’s headquarters are based in Israel and over 80 per cent of its sales are in Europe and North America.

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