Teva Pharmaceutical Industries Ltd. bought a stake in OncoGenex Pharmaceuticals Inc., the companies said today. The deal gives Teva rights to an experimental cancer therapy.
Teva will pay $60 million in cash - $10 million for shares of OncoGenex stock at $37.38 each, an upfront payment of $20 million, and $30 million in development funding.
OncoGenex, of Bothell, Wash. could receive up to $370 million in additional payments, based on development and sales goals for the cancer drug.
Teva, a maker of generic drugs, is based in Petah Tikva, Israel, and has U.S. headquarters in North Wales, Montgomery County.