Are you interested in the drug manufacturers industry? If so, here’s some news! Israel’s Teva Pharmaceutical Industries (TLV:$TEVA) is now looking to enter into partnership with other drug-makers in an attempt to fund some of its development pipeline as it continues to struggle with debts and expiring patents.
“We are looking for partners… a series of partners. It’s not to fund the whole pipeline, just some projects in it. A small part of it,” Denise Bradley, Teva’s spokeswoman, told Reuters in an email on Wednesday.
The Israel-based pharmaceutical company needs to obtain extra financial muscle in order to develop new drugs and has few options left other than striking alliances with big-name players in the pharma sector, sources close to the company said.
“Teva will avoid injecting any extra funding in new drugs,” one of the sources said. “They will partner with other big pharmas and share the proceeds.”
Not only is Teva venturing out to find partners, the company is also responding by accelerating plans to divest non-core assets, the sources said.
Featured Image: twitter
