- MedinCell’s partner Teva to receive R&D funding from Royalty Pharma of up to $125 million to further accelerate the development of olanzapine LAI, a long-acting subcutaneous injectable olanzapine for schizophrenia using MedinCell’s technology. (Access here Teva and Royalty Pharma today’s joint press release for more details).
- Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry. Its current portfolio includes royalties on over 35 products, many of which are blockbusters, and it has 12 development-stage product candidates.
- mdc-TJK is a once-monthly subcutaneous long-acting injection of the atypical antipsychotic olanzapine that is currently in clinical Phase 3 for the treatment of schizophrenia. It has the potential to be the first long-acting olanzapine with a favorable safety profile.
- Data of the Phase 3 trial are now expected in the second half of 2024 (moved forward from 2025), as recently announced by Teva (Q3 2023 earnings call, November 8, 2023 – Replay and a full transcript available here)
- Following UZEDY™ (risperidone), approved by the FDA for the treatment of schizophrenia in adults in April 2023, mdc-TJK is the second product developed by Teva to utilize MedinCell’s proprietary long-acting injectable technology (licensed to Teva under the name SteadyTeq™).
- Teva remains fully responsible to lead the development and commercialization of olanzapine LAI globally.
- MedinCell may receive up to $117 million in development and commercial milestones over the coming years for mdc-TJK, and is eligible for royalties on all net sales. The funding agreement between Teva and Royalty Pharma does not affect future revenues to which MedinCell may be entitled.
MONTPELLIER, France–(BUSINESS WIRE)–Regulatory News:
MedinCell (Paris:MEDCL):
In a joint press release announcing the financing agreement:
- Richard Francis, President and CEO of Teva said: “Since launching Teva’s Pivot to Growth strategy in May 2023, we have been working on novel and expedited ways to both continue to invest in our robust innovative pipeline while supporting the growth of our in-line businesses. We are excited to collaborate with Royalty Pharma, a major funder of innovation with a strong track record, experience, and reputation. This funding agreement enables us to continue to accelerate the development of olanzapine LAI, a critical program for us, without impacting resources dedicated to our innovative and generic medicines.”
- Pablo Legorreta, founder and Chief Executive Officer of Royalty Pharma said: “We are delighted to partner with Teva, to realize the potential of olanzapine LAI and support them as their innovative pipeline continues to come to fruition. Long-acting injectable antipsychotics improve compliance and can help prevent hospitalizations. Teva’s olanzapine LAI could be an important new treatment option for patients with schizophrenia.”
About MedinCell
MedinCell is a clinical- and commercial-stage biopharmaceutical company developing long-acting injectable drugs in many therapeutic areas. Our innovative treatments aim to guarantee compliance with medical prescriptions, to improve the effectiveness and accessibility of medicines, and to reduce their environmental footprint. They combine already known and used active ingredients with our proprietary BEPO® technology which controls the delivery of a drug at a therapeutic level for several days, weeks or months from the subcutaneous or local injection of a simple deposit of a few millimeters, entirely bioresorbable. The first treatment based on BEPO technology, intended for the treatment of schizophrenia, was approved by the FDA in April 2023, and is now distributed in the United States by Teva under the name UZEDY™ (BEPO technology is licensed to Teva under the name SteadyTeq™).
We collaborate with leading pharmaceutical companies and foundations to improve global health through new treatment options. Based in Montpellier, MedinCell currently employs more than 140 people representing more than 25 different nationalities.
UZEDY™ and SteadyTeq™ are trademarks of Teva Pharmaceuticals
Contacts
David Heuzé – Head of Communications
david.heuze@medincell.com / +33 (0)6 83 25 21 86
Media Relations
Nicolas Mérigeau
medincell@newcap.eu / +33 (0)1 44 71 94 94
Investor Relations France
Louis-Victor Delouvrier/Alban Dufumier
medincell@newcap.eu / +33 (0)1 44 71 94 94
Head of US Financial Strategy & IR
Grace Kim
grace.kim@medincell.com / +1 (646) 991-4023