Galena Biopharma leaps on deal with Teva for NeuVax in Israel

5 December 2012

Shares of US biotech firm Galena Biopharma (Nasdaq: GALE) leapt 13.7% to $2.32 in pre-market trading yesterday, when the company revealed it has signed an agreement with a subsidiary of Israel’s Teva Pharmaceutical Industries (NYSE: TEVA) for the commercialization of its breast cancer vaccine candidate NeuVax (nelipepimut-S or E75) in Israel.

Under the agreement, Teva Israel will assume responsibility for regulatory registration in Israel, provide financial support for local development, and will commercialize the product in the region. Specific financial terms were not disclosed, but the agreement allows for significant royalty payments to Galena Biopharma on future sales.

"This agreement is the first piece of our global commercialization strategy," said Mark Ahn, president and chief executive of Galena Biopharma. "Teva is a world-class pharmaceutical company and a major pharmaceutical company in Israel. We look forward to their valuable financial support towards our development goals in Israel, as well as market leadership for NeuVax commercialization in the region," he added.

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