By Elias Schisgall
Blackstone's life sciences group will pay Teva Pharmaceuticals $400 million over four years to support the development of duvakitug, Teva's treatment for inflammatory bowel disease.
If duvakitug is approved by the Food and Drug Administration, Teva will pay Blackstone a milestone payment. Blackstone is also eligible for commercial milestones and low single-digit royalties on global sales of duvakitug, the companies said Tuesday.
Teva's executive vice president for business development, Evan Lippman, said the agreement with Blackstone reflects the company's Pivot to Growth strategy.
"By pursuing disciplined, capital-efficient partnerships, we are accelerating pipeline advancement while maintaining financial strength,: Lippman said. "This is the model we will continue using to build a more innovative, resilient, and growth-oriented Teva."
Teva agreed in 2023 to jointly develop and commercialize the drug with Sanofi. The companies are currently running phase 3 studies for duvakitug to treat ulcerative colitis and Crohn's disease.
Write to Elias Schisgall at elias.schisgall@wsj.com
(END) Dow Jones Newswires
03-03-26 1735ET
