Teva signed exclusive collaboration agreement with Israeli company Tikun Olam
The large pharmaceutical company begins its first real activity in the field of medical cannabis after the failure of the SYQE inhaler. Teva will market medicinal cannabis oils in its branding, in collaboration with the company Tikun Olam Cannabit, which jumped 25% this morning on the stock market. Current CEO of Tikun Olam is former CEO of Teva Israel
Drug maker Teva Pharmaceutical Industries (TEVA.TA) said on Sunday that it was entering the medical cannabis market by signing an exclusive and mutual collaboration agreement with another Israeli company, Tikun Olam-Cannbit (TKUN.TA).
This is Teva's second attempt to enter the cannabis business, the first time was more "indirect" it was an investment in the inhaler Syqe which, moreover, is considered to be a failure.
Under the agreement, Tikun Olam-Cannbit will produce several medicinal cannabis products that are administered in the form of oil. They will be marketed by Teva to patients in Israel, the Palestinian Authority and, when the market opens, Ukraine, Teva said.
Once Teva receives all required regulatory approvals, the companies will collaborate for ten years, which could be extended by nine years.
“Today, it is clear to many in the pharmaceutical industry and the medical community that the use of oils produced from specific cannabis strains may offer additional treatment options and meet medical needs. unsatisfied patients, ”said Yossi Ofek, Managing Director of Teva Israel.
Tikun Olam will sell exclusively to Teva Israel medicinal cannabis oils of the type THC and CBD in various concentrations and which will be produced from varieties developed and researched by the company and selected by Teva, in the form of a finished product for the consumer. final and which will be marketed and sold exclusively by Teva in Israel, Gaza and the West Bank, under a private label of Teva, ”it was reported.
In addition to activities in the territory, the parties have agreed in principle to work together in the field of medical cannabis in Ukraine when regulations in Ukraine allow the use of medical cannabis and CBD, it was further said. reported. “As of this date, the type of products to be marketed within the framework of the cooperation as well as the other commercial conditions related to the operations in Ukraine have not yet been determined by the parties.
According to Yossi Ofek, CEO of Teva Israel: “The field of medical cannabis is developing and professionalizing at a breakneck pace in Israel, and there is greater openness towards it in Israel and the world. It is now clear to many in the pharmaceutical industry and the medical community that the use of oils extracted from certain strains of cannabis may offer additional treatment options and address the unmet medical needs of patients.
It is one of the most important agreements reached in the industry in recent years in Israel, which will position the World-Cannabis Amendment and Teva Israel as leading players in the field of medical cannabis which is growing in Israel and abroad.