The pharmaceutical giant, with two other investors, will inject $30 million.
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) yesterday made a further investment in biotechnology company MediWound Ltd. in a deal first reported by "Globes." The pharmaceutical giant will inject half of the $30 million total at a company value of $100 million before money, with the other two local investors together investing the remaining $15 million.
Of the total, $20 million will be invested in the company itself, and the remaining $10 million will be distributed among MediWound's existing shareholders. Clal Biotechnology Industries Ltd. (TASE: CBI), which floated two weeks ago at a value of $250 million, currently holds 74% of the company so it will take home $7.4 million. Teva holds 15.6% of Clal Biotechnology itself.
MediWound has developed a gel for the debriding of burns (the removal of excess tissue prior to treatment, a process currently carried out surgically). The company's product is currently undergoing Phase III clinical trials in Europe and Phase II trials in the US. It is also likely to be suitable for the treatment of chronic wounds.
Published by Globes [online], Israel business news - www.globes.co.il - on June 21, 2007
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