Itongadol.- Teva Pharmaceutical Industries Ltd. said it has entered a partnership with privately held Microchips Biotech Inc. to explore applying microchip-based drug-delivery technology to medicines made by Teva.
Microchips Biotech’s microchip-based implant can store and release drug doses at scheduled intervals for periods of months or years and will have wireless control features.
“The microchip-based implant is truly at the intersection of digital technology and medicine and the future of drug delivery for patients who cannot tolerate needles, require regular self-administered injections or where compliance is critical to outcomes,” said Michael Hayden, Teva’s head of global research and development and chief scientific officer, in a news release.
Under the agreement, Waltham, Mass.-based Microchips Biotech will receive an upfront payment of $35 million, which comprises an equity investment and technology access fee. The initial focus will be on one disease area, with the option to expand the program later into other therapeutic categories.
Microchips Biotech’s website says that its investors include Polaris Venture Partners,Medtronic Inc., Intersouth Partners, Flybridge Capital Partners and Interwest Partners.