Teva Pharma acquires rights to Huntexil for $26M
Teva Pharmaceutical Industries Ltd. said Thursday that it completed its acquisition of a drug candidate being developed for the treatment of Huntington disease from NeuroSearch A/S for about $26 million.
The Israel-based drug company said the acquisition includes all rights, assets and obligations relating to Huntexil, which is intended to treat hand movement, balance and gait disturbances stemming from Huntington disease.
Under the agreement, Teva will pay Denmark-based NeuroSearch $26 million over a period of at least six months. Additional payments also could be made if certain regulatory and commercialization milestones are met, the company said.
Trials in the U.S., Europe and Canada showed significant symptomatic relief for patients with Huntington, including improvements in hand movements, gait and balance. In addition, the improvements occurred without any side effects such as drowsiness or depression, which have been seen with other treatments, the company said.
Huntington's is a rare inherited disease that usually strikes people in their late 30s or early 40s. It begins with uncontrollable twitches, and later causes deterioration of mental abilities until patients can barely eat, speak or walk. Death occurs a decade or more after symptoms begin.
Teva said it plans to complete new clinical studies to determine Huntexil's potential.
Shares of the company rose 50 cents to $41.09 in afternoon trading.