As Teva advances its Pivot to Growth strategy under CEO Richard Francis, the company is making good on its pledge to beef up its biosimilar pipeline through outside deals.
The Israeli-American drugmaker has unveiled a fresh in-licensing accord with Spain’s mAbxience to chip in on an investigational biosimilar spanning “multiple oncology indications,” according to a Thursday release.
The deal is set to cover multiple global markets, including Europe and the U.S.
Teva will oversee regulatory duties and potential marketing for the biosimilar in its “designated regions,” while mAbxience is on the hook to continue developing and manufacturing the drug at its production sites in Spain and Argentina.
Teva did not reveal the financial terms of the deal nor elaborate on the specific cancers being targeted by the biosimilar candidate. The company did not immediately respond to Fierce Pharma’s request for comment.
Madrid-based mAbxience, for its part, positions itself as a biologics specialist on its website. The company currently produces biosimilar versions of the infusion-based cancer drugs Avastin (bevacizumab) and Rituxan (rituximab). The company has previously said it aims to launch a “mid-single-digit number of molecules across immunology and oncology” between 2024 and 2029.
Aside from producing its own biosimilars, mAbxience also offers contract manufacturing and development services in Switzerland and Argentina.
Back in 2022, Fresenius Kabi revealed plans to buy a controlling interest in mAbxience, trading 495 million euros ($549 million) in upfront and milestone payments for a 55% stake in the company.
Meanwhile, Teva has managed to refresh its fortunes in the wake of its CEO’s Pivot to Growth Strategy, which debuted in May 2023.
The strategy involves delivering on the “growth engines” of biosimilars, innovative medicines and generics, plus dialing in the company's overall focus.
So far, Francis’ plan seems to be paying off.
For all of 2023, Teva generated global revenues of $15.8 billion, a 6% increase from 2022, when the company’s $14.9 billion haul represented a six-year low.
“All in all, what the Pivot to Growth strategy shows is when we have the clarity for the company on what we need to do, where need to do it, how we need to prioritize our time, attention and resources—we can actually move the needle,” Francis said in an interview earlier this year.