Bethel Finances: Teva takes over Japanese generics co Taiyo

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Bethel Finance news:

Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) announced today that it has signed a definitive agreement to acquire 57% of the shares in privately-held Taiyo Pharmaceutical Industry Co. Ltd. for $460 million in cash paid to private shareholders. Teva will also extend an offer to purchase all remaining outstanding shares of Taiyo. This transaction gives Taiyo an enterprise value of $1.3 billion. The transaction is expected to be accretive to GAAP earnings within four quarters after closing.

Taiyo is the third largest generic pharmaceutical company in Japan with sales of $530 million in 2010. According to Teva's announcement, the company has one of the most comprehensive generic product portfolios in the Japanese market with over 550 generic drugs in a variety of therapeutic areas and dosage forms. "Taiyo has strong presence in all major distribution channels in Japan, particularly in hospitals due to its wide range of injectable product offerings. Taiyo’s marketing efforts are supported by a strong back-end with top tier production capabilities in a wide range of technologies (including sterile manufacturing) in two manufacturing facilities, as well as a strong R&D team and local regulatory expertise," the announcement said.

Teva president and CEO Shlomo Yanai said, “This acquisition will enable Teva to deliver on our strategic objective of becoming a leading player in the fast-growing Japanese generics market. In fact, we now expect to reach our 2015 target of $1 billion in sales in Japan ahead of schedule. Taiyo’s strong market reach, cutting-edge production facilities, and impressively large product portfolio, combined with Teva’s scale and capabilities as the world’s largest generics company, will enable us to offer a much wider range of high quality, affordable generics to a much larger segment of the Japanese market.

“We have great respect for Taiyo’s legacy and its experienced, talented, and dedicated team and look forward to welcoming them into the Teva family.”

Japan is the second largest pharmaceutical market in the world, valued at $96 billion in 2010 with a relatively low rate of generic penetration of 23%. The Japanese government has expressed its intention to increase generic penetration to 30% by 2012.

Just two weeks ago, Teva announced the acquisition of US ethical drugs company Cephalon for $6.8 billion in cash, the third largest acquisition Teva has undertaken, after Barr in 2008 and Ivax in 2006, and its largest ever acquisition of an ethical drugs company.

Teva said that the Taiyo transaction would be funded through a combination of cash on hand and bank debt, and that it was expected to be completed by the end of the third quarter.

The acquisition was flagged two weeks ago by Japanese financial newspaper "Nikkei", which, hours after the Cephalon acquisition was announced, reported that Teva would buy Taiyo for 40 billion yen (about $495 million).

Teva shares closed at $49.67 in New York on Friday, giving the company a market cap of $44.36 billion.

Bethel Finances: BiolineRX launches targeted cancer therapy project

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BiolineRX Ltd. (TASE:BLRX) has launched a targeted cancer therapy project of its BL-7030 innovative RNA receptor molecule.

In contrast to chemotherapies, which are not targeted at specific tumor cells, and can have severe side-effects, targeted therapies focus solely on tumor cells by blocking specific aspects of the target molecules responsible for the tumors. Targeted cancer therapy is more effective and has fewer side effects, in part because it avoids harming normal cells.

BL-7030 was developed by Prof. Alexander Levitsky and Dr. Alexei Shir of the Hebrew University of Jerusalem. BiolineRX bought the rights to the drug from Algen Biopharmaceuticals Inc.

BiolineRX CEO Dr. Kinneret Savitsky said, "BL-7030 is our third project launched since the beginning of 2011. We now have 13 projects. BL-7030 has great potential as a targeted cancer therapy. We are also making progress on our other projects, which are in preclinical and clinical stages for a variety of indications, including diseases of the central nervous system, cancer, infectious diseases, heart disease, and autoimmune diseases. We are also reviewing projects suited to our business model."

BiolineRX's share price rose 3.6% in morning trading to NIS 1.95, giving a market cap of NIS 235 million.

Bethel Finances: CureTech reports success in Phase II lymphoma trial

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CureTech Ltd. - a portfolio company of Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) and Clal Biotechnology Industries Ltd. (TASE: CBI) - today announced preliminary successful results of its Phase II clinical trial of CT-011 stem cell treatment of Diffuse Large B Cell Lymphoma. The trial achieved it primary endpoint of improved progression-free survival, and its secondary endpoint of overall survival.

The trial included 72 patients with aggressive lymphoma at 30 centers in the US, Asia, South America and Israel. 70% of the patients had no progression in the disease at the end of the follow-up period, compared with 47% in the historical control. 84% of patients were alive at the end of the follow-up period, compared with 62% in the historical control.

The final results are due in the third quarter, and will be presented at international scientific meetings.

CureTech CEO Dr. Michael Schickler said, "We are very pleased to have achieved this major milestone in the clinical development of CT-011. "Following the final results, CureTech will be ready to commence Phase III regulatory studies for the high unmet need in this severe indication."

Dr. Jacob Rowe, director of the Department of Hematology, Shaare Zedek Medical Center in Jerusalem said, "Diffuse Large B Cell Lymphoma “DLBCL is an aggressive type of non-Hodgkin's Lymphoma, affecting about 40% of all these patients. I am very encouraged by the results of this trial and am certain that if these results will be confirmed in future controlled Phase III studies, CT-011, a truly novel anti cancer therapy will improve the lives of many lymphoma patients."

Teva acquired 33% of CureTech in 2006, following the Phase I trial of CT-011, and it has an option to increase the stake. Teva said that the success of the Phase II trial encourages it to continue investing in Israeli science.

Teva Innovative Ventures head Dr. Aharon Schwartz said, “When we expanded our collaboration with CureTech in 2008, we did so with the intention of building on CT-011’s success up to that point, and we are incredibly pleased with the Phase II data announced today. Our collaboration with CureTech is just one of many oncology investments and alliances that we have made over the last several years in an effort to build out our portfolio of specialty products within niche therapeutic areas like oncology."

More than 400 patients have participated in seven phase II and Phase I/II studies with CT-011 for different cancers, including colon cancer, multiple myeloma, acute leukemia, and pancreatic cancer. CureTech has submitted a protocol to the US Food and Drug Administration (FDA) for a Phase II trial for metastatic melanoma, a severe solid tumor indication with very few treatment options.

Clal Biotech, the life sciences arm of Nochi Dankner-controlled IDB Holding Corp. Ltd. (TASE:IDBH), owns 37% of CureTech.

Bethel Finances: CureTech reports success in Phase II lymphoma trial

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CureTech Ltd. - a portfolio company of Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) and Clal Biotechnology Industries Ltd. (TASE: CBI) - today announced preliminary successful results of its Phase II clinical trial of CT-011 stem cell treatment of Diffuse Large B Cell Lymphoma. The trial achieved it primary endpoint of improved progression-free survival, and its secondary endpoint of overall survival.

The trial included 72 patients with aggressive lymphoma at 30 centers in the US, Asia, South America and Israel. 70% of the patients had no progression in the disease at the end of the follow-up period, compared with 47% in the historical control. 84% of patients were alive at the end of the follow-up period, compared with 62% in the historical control.

The final results are due in the third quarter, and will be presented at international scientific meetings.

CureTech CEO Dr. Michael Schickler said, "We are very pleased to have achieved this major milestone in the clinical development of CT-011. "Following the final results, CureTech will be ready to commence Phase III regulatory studies for the high unmet need in this severe indication."

Dr. Jacob Rowe, director of the Department of Hematology, Shaare Zedek Medical Center in Jerusalem said, "Diffuse Large B Cell Lymphoma “DLBCL is an aggressive type of non-Hodgkin's Lymphoma, affecting about 40% of all these patients. I am very encouraged by the results of this trial and am certain that if these results will be confirmed in future controlled Phase III studies, CT-011, a truly novel anti cancer therapy will improve the lives of many lymphoma patients."

Teva acquired 33% of CureTech in 2006, following the Phase I trial of CT-011, and it has an option to increase the stake. Teva said that the success of the Phase II trial encourages it to continue investing in Israeli science.

Teva Innovative Ventures head Dr. Aharon Schwartz said, “When we expanded our collaboration with CureTech in 2008, we did so with the intention of building on CT-011’s success up to that point, and we are incredibly pleased with the Phase II data announced today. Our collaboration with CureTech is just one of many oncology investments and alliances that we have made over the last several years in an effort to build out our portfolio of specialty products within niche therapeutic areas like oncology."

More than 400 patients have participated in seven phase II and Phase I/II studies with CT-011 for different cancers, including colon cancer, multiple myeloma, acute leukemia, and pancreatic cancer. CureTech has submitted a protocol to the US Food and Drug Administration (FDA) for a Phase II trial for metastatic melanoma, a severe solid tumor indication with very few treatment options.

Clal Biotech, the life sciences arm of Nochi Dankner-controlled IDB Holding Corp. Ltd. (TASE:IDBH), owns 37% of CureTech.

Bethel Finances: 43% of Israeli biomed cos generate revenue

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Israel has 700 biomed companies: 401 medical devices companies, 130 biotechnology companies, 76 drug development companies, and 53 medical computerization companies, reports , according to Israel Life Sciences Industry (ILSI) ahead of its 10th annual conference, ILSI-Biomed 2011.

16% of the life sciences companies (110 companies) are early-stage start-ups, 11% (74 companies) are seed-stage start-ups, and 21% (146 companies) are conducting preclinical or clinical trials of their products.

43% of Israel's biomed companies generate profits, no small achievement for a fairly young and small industry. 214 companies were founded 2001, and the rest are less than a decade old.

"8% of the revenue-generating companies were founded in the past five years," said ILSI chairwoman Ruth Alon, a managing partner at Pitango Venture Capital.

Israel's life sciences industry grew by 12% in 2001-05, and has subsequently been stable, with 40-45 new companies a year. The last three years have been weak years for the industry, due to the global financial crisis, and 200 companies ceased operations.

169 companies focus on cardiovascular treatments, 57 are developing oncology therapies, and 44% are developing therapies for disorders of the central nervous system and brain.

Israel continues to stand out in the number of life sciences patents on both an absolute and per capita basis. Israel is in first place worldwide in medical devices patents per capita and fourth place in absolute terms. It is in second place in all biopharmaceuticals patents per capita and eighth place in absolute terms. Israel is also in first place worldwide for patents in the life sciences as a proportion of total patents awarded in the country.

Bethel Finances: 43% of Israeli biomed cos generate revenue

www.bethelfinance.com

Israel has 700 biomed companies: 401 medical devices companies, 130 biotechnology companies, 76 drug development companies, and 53 medical computerization companies, reports , according to Israel Life Sciences Industry (ILSI) ahead of its 10th annual conference, ILSI-Biomed 2011.

16% of the life sciences companies (110 companies) are early-stage start-ups, 11% (74 companies) are seed-stage start-ups, and 21% (146 companies) are conducting preclinical or clinical trials of their products.

43% of Israel's biomed companies generate profits, no small achievement for a fairly young and small industry. 214 companies were founded 2001, and the rest are less than a decade old.

"8% of the revenue-generating companies were founded in the past five years," said ILSI chairwoman Ruth Alon, a managing partner at Pitango Venture Capital.

Israel's life sciences industry grew by 12% in 2001-05, and has subsequently been stable, with 40-45 new companies a year. The last three years have been weak years for the industry, due to the global financial crisis, and 200 companies ceased operations.

169 companies focus on cardiovascular treatments, 57 are developing oncology therapies, and 44% are developing therapies for disorders of the central nervous system and brain.

Israel continues to stand out in the number of life sciences patents on both an absolute and per capita basis. Israel is in first place worldwide in medical devices patents per capita and fourth place in absolute terms. It is in second place in all biopharmaceuticals patents per capita and eighth place in absolute terms. Israel is also in first place worldwide for patents in the life sciences as a proportion of total patents awarded in the country.

Bethel Finances: 20 Israeli start-ups to meet US new media cos

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A delegation of 20 Israeli start-ups is in New York to meet US new media and digital media companies. The start-ups include AttracTV Ltd., BeeTV Ltd., FanGager Ltd., Fanzilla Ltd., LiveU Ltd., Orca Interactive Ltd., PlyMedia Inc., and Qlipso Ltd.

The Israeli companies will meet HBO, MTV, CBS, and Time Inc., among others.

Israeli economic attaché in New York Yair Shiran said, "New York is the world capital of new media, and Israeli solutions are interesting and innovative. The initiative began with one company, but in view of the quality of companies and their products, it was expanded to many of the world media giants."

The Foreign Trade Administration at the Ministry of Industry, Trade and Labor said that the meeting could lead to business contracts in the near future between Israeli companies and US media companies.