By E. Janene Geiss
Philadelphia, Nov. 29 - Antares Pharma, Inc. said Tuesday that it signed an agreement with an affiliate of Teva Pharmaceutical Industries Ltd. to buy all its injection devices from Antares for an unnamed product to be sold in the United States.
Antares said it will receive an upfront cash payment, milestone fees and a negotiated percentage of the gross profit, according to a company news release.
Under terms of the agreement, Teva received an option for rights in other territories and has purchased 400,000 shares of Antares common stock at $1.25 per share, officials said.
"We believe that our injectors offer compelling patient benefits versus conventional injection systems, which we think will differentiate our product from others currently available, and add value to a wide range of injectable generic and proprietary pharmaceutical products," said Jack E. Stover, Antares president and chief executive officer, in the release.
Antares' portfolio of injection devices includes the Vibex mini-needle injectors and the Medi-Jector Vision and Medi-Jector Valeo needle-free injection systems.
Antares is an Exton, Pa.-based specialized pharmaceutical product development company with patented drug delivery systems and injectable device engineering capabilities.
Teva is an Petach Tikva, Israel-based drug development company.
| Issuer: | Antares Pharma, Inc.
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| Issue: | Common stock
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| Amount: | $500,000
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| Units: | 400,000
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| Price: | $1.25
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| Announcement date: | Nov. 29
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| Stock price: | $1.26 at close Nov. 29
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