Clinical Collaboration Agreement between Teva and Launch Therapeutics to Accelerate Development of Dual-Action Asthma Rescue Inhaler (ICS-SABA/TEV-’248) Respiratory Program; Teva and Abingworth Enter Strategic Development Funding Agreement

Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) and Launch Therapeutics, Inc., today announced a clinical collaboration agreement to further accelerate the clinical research program of Teva’s ICS-SABA (TEV-‘248). Teva and Abingworth, a leading international life sciences investment group, part of global investment firm Carlyle (NASDAQ: CG), today also announced a strategic development funding agreement in which Abingworth provides Teva up to $150 million to offset Teva’s ICS/SABA (TEV-‘248) program costs.

As part of the clinical collaboration agreement, Launch Therapeutics, a clinical development company backed by Abingworth and Carlyle, will have the lead role in the operational execution and management of the planned clinical trials, focused on accelerating Teva’s ICS-SABA (TEV-‘248) clinical research program. Teva will retain primary responsibility for manufacturing, regulatory interactions in the U.S., and commercialization.

If TEV-‘248 receives U.S. FDA regulatory approval, Abingworth will be eligible to receive fixed payments as well as success payments based on ICS/SABA sales. Teva will recognize the funding as a reduction in research and development expenses and will retain full rights to the Company’s ICS/SABA program.

Teva’s TEV-‘248 has potential to be the first ICS/SABA for both adult and pediatric indications, combining fluticasone propionate and albuterol sulfate delivered via Teva’s breath-activated, multi-dose dry powder inhaler (MDPI), which is used with other approved medicines in Teva’s respiratory product portfolio.

“As we execute our Pivot to Growth Strategy, we are focused on accelerating our late-stage innovative pipeline and delivering meaningful new therapies to people living with unmet medical need,” said Eric Hughes, MD, PhD, Executive Vice President, Teva Global R&D and Chief Medical Officer. “We are especially excited about the potential to deliver this new asthma therapy to patients working alongside the team at Launch Therapeutics, who have valuable experience in expediting clinical development programs.”

“Launch Therapeutics is excited to partner with Teva to co-develop its ICS-SABA (TEV-‘248) clinical program and to bring this vital therapy to asthma patients,” said Anshul Thakral, CEO of Launch Therapeutics. “Bridging together Teva's deep therapeutic expertise with Launch Therapeutics' profound clinical and operational expertise generates value to execute and accelerate this program. Launch Therapeutics is committed to upholding uncompromising standards for quality, achieving key milestones, and delivering this transformative therapy to patients.”