Teva Pharmaceutical Industries Ltd. TEVA announced that it has inked a licensing agreement with Checkpoint Therapeutics, Inc., a Fortress Biotech FBIO company. As per the terms of the agreement, Checkpoint Therapeutics will get exclusive worldwide rights to develop and commercialize CEP-8983 and its small molecule prodrug, CEP-9722, an oral poly (ADP-ribose) polymerase (PARP) inhibitor in early clinical development for solid tumors.
Checkpoint Therapeutics will develop CEP-9722 both as a monotherapy and in combination with other anti-cancer agents, including its novel immuno-oncology and checkpoint inhibitor antibodies currently in development. Financial details of the deal were not disclosed.
What will Checkpoint Therapeutics Gain?
We note that PARP inhibitors have shown promising potential across multiple tumor types, including breast, ovarian and prostate cancers. Currently approved PARP inhibitors include AstraZeneca’s AZN Lynparza as a monotherapy for the maintenance treatment of adults suffering from deleterious or suspected deleterious germline BRCA-mutated advanced ovarian cancer, who have been treated with three or more prior lines of chemotherapy.
The acquisition of rights to CEP-8983 and CEP-9722 will boost Checkpoint Therapeutics’ oncology pipeline, which includes a portfolio of antibodies the company licensed from Dana-Farber (including antibodies targeting programmed death-ligand 1, glucocorticoid-induced TNFR related protein and carbonic anhydrase IX). The company has also licensed a small molecule inhibitor of epidermal growth factor receptor mutations from NeuPharma, Inc. We expect to see other immuno-oncology drugs and targeted therapies licensing deals at Checkpoint Therapeutics in the future. We note that the company is set to begin public reporting and has filed a registration statement on Form 10 with the Securities and Exchange Commission for the same.
Teva currently carries a Zacks Rank #3 (Hold). A better-ranked stock in the health care sector is Corcept Therapeutics Incorporated CORT, sporting a Zacks Rank #1 (Strong Buy).
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