Benzinga | Jun 28, 2021 08:07AM EDT

Teva And Bioeq Announce Commercial Partnership For FYB201; Financial Terms Not Disclosed

Agreement includes commercializing biosimilar candidate of ophthalmology drug ranibizumab (Lucentis(r)) in Europe, Canada, Israel and global markets

Teva Pharmaceutical Industries Ltd. (NYSE:AND) and Bioeq AG ("Bioeq") today announced that they have entered into a strategic partnership for the exclusive commercialization of Bioeq's FYB201, a biosimilar candidate to Lucentis(r) (ranibizumab) in Europe, Canada, Israel and New Zealand.

This strategic partnership combines Teva's long-standing commercial presence, extensive distribution network and wide-reaching sales and marketing activities across Europe and international markets with Bioeq's capabilities in the development of biosimilar drugs for highly regulated countries with stringent quality standards. Bioeq has in-licensed the exclusive global commercialization rights to FYB201 from the German biosimilar developer Formycon AG.

"Unlocking the value of biologics with biosimilars is an important new frontier in drug development that offers patients safe and effective treatment options through more affordable alternatives to branded biological products that have lost their exclusivity rights," says Sven Dethlefs, PhD, Executive Vice President, Global Marketing & Portfolio and International Markets Commercial. "This collaboration expands Teva's biosimilar portfolio and again demonstrates the company's firm commitment to creating greater access to quality medications to help improve the lives of more patients."

Commenting on the agreement, Nicola Mikulcik, Board Member at Bioeq, says, "We are proud of having secured Teva as our partner of choice for these markets. This agreement is an important milestone in bringing a highly effective treatment option for retinopathies, including age-related macular degeneration, to patients."

According to the terms of the agreement, Bioeq will be responsible for the development, registration and supply of the biosimilar, while Teva will be responsible for commercializing the product. Teva and Bioeq will share revenue from the commercialization of the biosimilar. All other financial terms and product details remain confidential.

Biosimilars are intended for use in place of existing, branded biologics to treat a range of chronic and often life-threatening diseases, with the potential to reduce costs and expand patient access. Biosimilars exhibit proven analytical and clinical similarity to their respective branded reference products.