Teva announces new CureTech investment

Teva has announced that it will be investing an additional $19 million (12.1 million pounds) in partner company CureTech.

The firm will be making the investment, as well as offering to finance up to $50 million of the company's research and development programme, based on CureTech's progress in creating a new cancer treatment.

CT-011, an investigational anti-PD-1 monoclonal antibody that CureTech is developing as a diffuse large b-cell lymphoma treatment, has performed strongly in phase II trials and will soon enter phase III testing.

This latest investment brings Teva's stake in the business up to 75 percent, with the generic drugs specialist also holding an option to buy the company out completely.

Dr Aharon Schwartz, head of Teva's innovative ventures programme, said: "This investment is part of Teva's strategy to expand our branded activities into specialty therapeutic areas, such as oncology."

Earlier this month, the company expanded its range of generic products in the UK further with the launch of levetiracetam, an off-label version of UCB's epilepsy drug Keppra.