Teva Pharmaceutical (TEVA) Enters Into a License Agreement With Prestige Biopharma for the Commercialization of Tuznue in Europe

Teva Pharmaceutical Industries Limited (NYSE:TEVA) is one of the best affordable stocks to buy under $20. Teva Pharmaceuticals International GmbH, a subsidiary of Teva Pharmaceutical Industries Limited (NYSE:TEVA), announced on October 20 that it entered into a license agreement with Prestige Biopharma for “the commercialization of Tuznue (trastuzumab), a biosimilar to Herceptin” across a majority of European markets.

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Tuznue is an approved treatment for breast cancer and metastatic gastric cancer, with Prestige Biopharma attaining the European Commission (EC) marketing authorization for the treatment in September 2024.

Management reported that the terms of the license and supply agreement show that Teva Pharmaceutical Industries Limited (NYSE:TEVA) has rights to distribute and market Tuznue in a majority of European markets, leveraging its “extensive commercial network and proven expertise in biosimilars”.

Prestige Biopharma would be responsible for “production and supply through its EU-GMP-certified, high-tech facilities equipped with advanced single-use technology”.

Teva Pharmaceutical Industries Limited (NYSE:TEVA) develops, produces, and sells medicines. Its operations are divided into the US, Europe, and International Markets geographical segments. Each business segment covers the entire product portfolio in that region, including specialty, generics, and over-the-counter (OTC) products.

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Disclosure: None. This article is originally published at Insider Monkey.