Under the deal, Teva will explore new ways to apply Microchips’ implantable drug delivery device to its portfolio of products to enhance clinical outcomes for patients on chronic drug therapies.
As per terms of the deal, Microchips will receive an upfront payment of around $35m from Teva in the form of an equity investment and technology access fee.
Microchips will also be eligible to receive development and commercial milestone payments and royalties on future product sales, as program advances. It will also secure funding to develop products for any future additional indications Teva may develop.
Teva global R&D president and chief scientific officer Dr Michael Hayden said: "The microchip-based implant is truly at the intersection of digital technology and medicine and the future of drug delivery for patients who cannot tolerate needles, require regular self-administered injections or where compliance is critical to outcomes."
Biotech’s electronic device includes microchip arrays, which can store hundreds of therapeutic doses of drug for periods ranging from months to years and releases each dose at precise times.
The microchip-based implant is a self-contained hermetically-sealed drug delivery device, which is easy to implant and remove in a physician’s office setting and is clinically-validated in human studies delivering parathyroid hormone in osteoporosis patients.
Having wireless control features, the device can be programmed to release drug on a pre-determined schedule.
