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news.Opko Health, a specialty healthcare company, has acquired exclusive worldwide rights to Teva Pharmaceuticals Industries's proprietary formulation of budesonide for the treatment of various inflammatory and allergic conditions of the eye.
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Teva’s proprietary budesonide product is currently marketed in Italy under the tradename Xavin for the treatment of asthma. Budesonide is a corticosteroid which has been used for more than 20 years for the treatment of multiple respiratory indications, including asthma, hay fever and other allergies, with demonstrated safety and efficacy, said Opko.
Naveed Shams, Opko’s chief medical officer and senior vice president of research & development, said: “We believe that this budesonide formulation can be used for a broad range of ophthalmic indications and has the potential to be a best in class product. This acquisition is consistent with our strategy of acquiring agents that have a superior risk-benefit profile with significant commercial promise. We look forward to the development of this product in an expeditious and cost-efficient manner.”
Phillip Frost, chairman and CEO of Opko Health, said: “Acquiring rights to this late stage product reflects our strategy of proactively seeking new opportunities to help fuel growth at Opko. This compound has demonstrated safety and the potential to reach the market relatively quickly. It addresses a significant commercial opportunity for Opko.”