TEL AVIV, Israel & MADRID - In a move to expand their biosimilar portfolio and global reach, Teva Pharmaceuticals International GmbH, part of Teva Pharmaceutical Industries Ltd. (NYSE:TEVA), and mAbxience, a Fresenius Kabi majority-owned biotech company, have announced a strategic licensing agreement. The collaboration is centered around the development and commercialization of a biosimilar candidate for treating multiple oncology indications.
This partnership is a significant step in mAbxience's strategy to grow its global presence and marks an important component of Teva's "Pivot to Growth" strategy, which was unveiled in 2023. The strategy aims to enhance Teva's biosimilar pipeline through strategic partnerships and business development initiatives.
Under the agreement, mAbxience will utilize its biosimilar development expertise and its cGMP-approved facilities in Spain and Argentina to develop and manufacture the biosimilar product. Teva will oversee the regulatory processes and the commercialization of the biosimilar in various markets, including Europe and the United States.
Angus Grant, PhD, Executive Vice President of Business Development at Teva, emphasized the alignment of the companies' commitment to accelerating the availability of impactful medicines to patients globally. Jurgen Van Broeck, Global Commercial Director of mAbxience, highlighted the agreement's potential to assist healthcare systems in reducing costs and ensuring the provision of vital cancer treatments to those in need.
Biosimilars are seen as a promising avenue for offering more cost-effective alternatives to existing cancer therapies, which can contribute to addressing a critical need in global oncology care.
The information for this article is based on a press release statement.
InvestingPro Insights
In light of Teva Pharmaceutical Industries Ltd.'s recent strategic licensing agreement to bolster its biosimilar portfolio, a glance at the company's financial health and market performance offers valuable context. According to InvestingPro data, Teva boasts a robust market capitalization of $15.54 billion, indicative of its significant footprint in the pharmaceutical industry. The company has also experienced a notable revenue growth of 6.17% over the last twelve months as of Q4 2023, underscoring its ongoing business momentum.
InvestingPro Tips highlight Teva's high shareholder yield and the expectation of net income growth this year, which align with the company's strategic initiatives to enhance its growth trajectory. Analysts have revised their earnings upwards for the upcoming period, reflecting optimism in Teva's financial outlook. Moreover, with a strong return over the last three months and a price that is currently trading near its 52-week high, the company's stock performance seems to mirror its strategic ambitions.
For readers interested in a deeper dive into Teva's financials and market prospects, there are an additional 11 InvestingPro Tips available, which provide a more granular look at the company's performance and future potential. To access these insights and more, visit InvestingPro and consider using the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.