Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) and privately-held Immuneering Corporation today announced that the companies have entered into an agreement in which Teva will purchase a 51% equity share of the genomic-analysis company. Immuneering uses advanced proprietary techniques to identify hidden signals and biological insights across an array of genetic, genomic, and proteomic data that can direct research for enhanced discovery, development and clinical success.
Teva and Immuneering have worked together over the past several years to unlock significant findings into genetic biomarkers, therapy-specific gene expression signatures and breakthrough work in characterizing non-biological complex drugs (NBCDs). Teva’s majority holding in Immuneering provides right of first refusal in projects relating to the Company’s stated objective of developing, personalizing and improving treatment of disorders of the Central Nervous System (CNS).
“Immuneering brings together state-of-the-art analytics know-how with expertise in integrating multiple biologically- and clinically-relevant inputs,” said Michael Hayden, President, Teva Global R&D, and Chief Scientific Officer. “Their ability to cut through, link and interpret enormous and disparate data-sets is outstanding. This capability is invaluable in capturing difficult-to-find signals, confirming them in follow-up experiments, and informing decision-making that de-risks and optimizes development of therapeutic approaches. Simply put, by intensifying the relationship between Teva’s team, led by Dr. Iris Grossman, and the MIT-trained Immuneering team, we will be closer to helping match the right patient to the right medicine at the right time.”
“Patients who suffer from CNS diseases urgently need better medicines. Immuneering is pioneering new ways to use gene expression and genomic data to elucidate the biological mechanisms underlying both the development of disease, and the effectiveness of medicines,” said Ben Zeskind, Ph.D, CEO and Co-Founder of Immuneering. “Combining Immuneering’s technology platform and expertise with Teva’s world-class scientific knowledge, intensity, and devotion to patient benefit is a logical next step to build on the success of the Teva/Immuneering collaborations to date. This partnership represents an unprecedented and exciting new approach to improving the lives of patients with CNS diseases.” (Original Source)
Shares of Teva Pharmaceutical Industries closed last Friday at $69.02. TEVA has a 1-year high of $72.31 and a 1-year low of $47.36. The stock’s 50-day moving average is $62.68 and its 200-day moving average is $60.61.
On the ratings front, Teva Pharmaceutical has been the subject of a number of recent research reports. In a report released today, J.P. Morgan analyst Chris Schott assigned a Buy rating on TEVA. Separately, on July 31, Bernstein Research’s Ronny Gal maintained a Buy rating on the stock and has a price target of $80.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Chris Schott and Ronny Gal have a total average return of 21.7% and 2.2% respectively. Schott has a success rate of 78.9% and is ranked #271 out of 3724 analysts, while Gal has a success rate of 40.0% and is ranked #2423.
Overall, one research analyst has assigned a Hold rating and 7 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $73.00 which is 5.8% above where the stock closed last Friday.
Teva Pharmaceutical Industries Ltd develops, produces and markets generic, branded & OTC medicines. Some of its products are Copaxone, Azilect & Provigil.