According to the agreement, Teva Israel will be responsible for regulatory registration and commercialization activities of the product in the region besides funding for local development.
Galena is eligible for significant royalty payments on future sales of the product while other financial terms of the deal were kept confidential.
Four clinical sites are approved and established in Israel for Prevention of Recurrence in Early-Stage, Node-Positive Breast Cancer with Low-to-Intermediate HER2 Expression with NeuVax Treatment (PRESENT) Phase 3 trial of NeuVax.
Galena Biopharma president and chief executive officer Mark Ahn said, "Teva is a world-class pharmaceutical company and a major pharmaceutical company in Israel. We look forward to their valuable financial support towards our development goals in Israel, as well as market leadership for NeuVax commercialization in the region."
The immmunodominant nonapeptide NeuVax (nelipepimut-S) is derived from the extracellular domain of the HER2 protein, a therapeutic target for breast cancer.