Ignyta Acquires Teva Oncology Assets

Ignyta, an oncology focused biopharma company, has acquired worldwide rights and assets to four of Teva Pharmaceutical’s targeted oncology development programs in exchange for 1.5 million shares (6%) of Ignyta’s stock. Ignyta has entered into stock purchase agreements with Teva and selected additional healthcare investors, with the offering valued at approximately $41.6 million.
 
“Teva has committed to finding novel ways for the ongoing development of early clinical stage and pre-clinical oncology R&D programs, which hold significant promise for cancer patients,” said Michael Hayden, Teva’s president of Global R&D and chief scientific officer. “Ignyta’s capabilities and focus in oncology will give these assets the best chance of realizing their potential for patients, and of maximizing their value for Teva.”
 
“Acquiring these four development stage programs from Teva is truly transformational for Ignyta and well aligned with our strategic focus on developing first-in-class and best-in-class precision medicines to help cancer patients with unmet needs,” said Jonathan Lim, M.D., chairman and chief executive officer of Ignyta. “These oncology programs add critical mass to our pipeline and further enable us to leverage our precision oncology platform, including our proprietary multiplex diagnostic assays and our CLIA certified, QSR compliant diagnostic lab.”