Teva’s new royalty deal; Selecta merges with Cartesian; Vir’s hepatitis data

Te­va inks deal with Roy­al­ty Phar­ma for schiz­o­phre­nia drug: The Is­raeli drug­mak­er said Mon­day that it will re­ceive $100 mil­lion to com­plete an on­go­ing Phase III tri­al for a long-act­ing in­jectable form of olan­za­p­ine. That study is ex­pect­ed to read out in the sec­ond half of 2024. The part­ners have the op­tion to in­crease that amount to $125 mil­lion, and Te­va has agreed to pay Roy­al­ty back with­in five years of FDA ap­proval plus “low- to mid-sin­gle dig­it roy­al­ties.” If Te­va doesn’t file for FDA ap­proval fol­low­ing the Phase III read­out, it will pay Roy­al­ty back 125% of the amount it was giv­en. Olan­za­p­ine is bet­ter known as Zyprexa, which has been mar­ket­ed by Eli Lil­ly for psy­chot­ic dis­or­ders since the 1990s. “It’s val­i­da­tion and an op­por­tu­ni­ty for us to keep dri­ving the growth, as well as be­ing thought­ful about how we’ve man­aged our op­er­at­ing ex­pen­di­tures go­ing for­ward,” Te­va CEO Richard Fran­cis told End­points News. — Nicole De­Feud­is

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