A successful first foray?
The deal is Teva's second attempt to enter the medical cannabis sector, the first being more indirect, as it was an investment in a SYQE inhaler, which was largely unsuccessful. As a reminder, the CEO of Tikun Olam is the former CEO of Teva Pharmaceutical Industries.
According to the contract established by the two parties, Tikun Olam Cannbit is in charge of manufacturing therapeutic cannabis products, to be administered in the form of oil. These will then be distributed by Teva to patients in Israel, the Palestinian Authority and soon in Ukraine (once the market has opened up following authorisation from the regulations in force concerning the use of medical cannabis and CBD).
Teva is only waiting to receive all the necessary and required regulatory approvals before going ahead. The two companies have agreed to work together for at least ten years, with the understanding that this period can be extended for a further nine years if necessary.
A field that is becoming more and more professional
According to Teva Israel's managing director, Yossi Ofek, many players not only in the pharmaceutical industry but also in the medical community are now fully aware that oils made from specific strains of cannabis represent new treatment options capable of addressing unmet medical needs of patients. Tikun Olam will sell its THC and CBD medicinal cannabis oils to Teva only, in various concentrations. The oils in question will be made from strains developed, researched and selected by Teva itself to become a finished product, ready for use by the end consumer. They will eventually be sold and marketed only by Teva in Israel but also in Gaza and the West Bank, under a private label owned by Teva. Translated with www.DeepL.com/Translator (free version)
