TEL AVIV, Israel, Dec. 27, 2021 /PRNewswire/ -- Teva Israel and Cannbit-Tikun Olam (TASE: TKUN) signed an exclusive and mutual collaboration agreement, in which Cannbit-Tikun Olam will produce several medical cannabis products, administered as oils rich in THC and CBD, for Teva Israel. This will be done according to Teva's instructions and stringent standards, and the products will be exclusively marketed, and distributed by Teva in Israel and the Palestinian Authority. The oils are based on strains developed by Cannbit-Tikun Olam and selected exclusively by Teva Israel due to their safety profile and strong therapeutic efficacy. In the future, and to the extent possible, the cannabis oils will also be marketed by Teva in Ukraine, where the government is currently developing regulation.
As part of the agreement and subject to Teva Israel receiving all the required regulatory approvals, the companies will collaborate for the extended period of 10 years, which they will also be able to extend by another 9 years.
Yossi Ofek, CEO of Teva Israel: "The medical cannabis arena is developing and being professionalized at a dizzying pace in Israel, and there is more openness to it in Israel and worldwide. Today, it is clear to many in the pharmaceutical industry and in the medical community that use of oils produced from specific cannabis strains may provide additional treatment options and respond to unmet medical needs of patients. We decided to join forces with Cannbit-Tikun Olam following an in-depth and lengthy review and I have no doubt that the medical cannabis oils Cannbit-Tikun Olam produces - according to Teva's high quality and safety standards - will help us realize our goal of improving the lives of patients."
Avinoam Sapir, General Manager of Cannbit-Tikun Olam: "We are proud of Teva Israel's expression of trust in choosing us as its strategic partner for Teva Israel entry into the market of medical cannabis products. I believe that this is one of the most important agreements concluded in the industry in recent years in Israel and that it will position Cannbit-Tikun Olam and Teva Israel as leading players in the ever-growing and developing medical cannabis market in Israel and beyond. I am glad to return and cooperate with one of the leading players in the pharma industry, and to penetrate later - if the regulatory environment allows it - also to Ukraine, where Teva is a market leader."
Avinoam Sapir, General manager, Cannbit-Tikun Olam, is once again working with Teva Israel, where he served as CEO from 2013 (and later also as Cluster Head for Africa, the Middle East and Ukraine) to 2020. The agreement with Teva comes in addition to a series of strategic agreements Cannbit-Tikun Olam has concluded over the past year, including an agreement with Solgar-SupHerb to produce cannabis-based nutritional supplements, and with Wavelength, a leader in the development and production of active pharmaceutical ingredients for the pharmaceutical industry, and cosmetics company, AHAVA, for the development of products based on Dead Sea minerals along with CBD, and on a joint CBD brand with Meditrend and Diplomat, an agreement for work in the UK with ITH Pharma, with German company Fette Pharma and more. In these agreements, and specifically the agreement with Teva, Cannbit-Tikun Olam continues to establish its position as the leading company in the medical cannabis market.
About Tikun Olam-Cannbit
Founded in 2006, Tikun Olam was acquired by Cannbit Pharmaceuticals in 2019. Tikun Olam-Cannbit is Israel's top cannabis supplier, a leader in clinical research and recognized as a pioneer in the modern medical cannabis industry. Since its establishment, Tikun Olam has treated tens of thousands of patients in Israel with a variety of diseases, from children to the elderly, and it is the most experienced in the world in treating patients and alleviating their pain through use of medical cannabis. The company has 15 years of clinical research and articles about its 35 clinical and preclinical trials that have been published in the most world's most prestigious scientific journals. The company operates down the entire length of the medical cannabis value chain, while ensuring an ecosystem that integrates the values of sustainability, continuity of care and uniformity in the quality of its products.
About Teva Israel:
Teva Israel is the marketing arm of Teva Pharmaceuticals in its home-based market of Israel, where it operates for more than 120 years in order to improve the lives and health of patients, among other ways, through high-quality and affordable medications. As a leading player in the local health market, and as the leader in the market for generic and OTC drugs in Israel, Teva Israel provides unique services to the country - such as, absorption and distribution of millions of COVID-19 vaccines for the residents of Israel through SLE, its logistics company - and markets a wide range of medications and products: starting with generic and specialty medicines, through medical supplies and equipment to hospitals and over-the-counter (OTC) drugs and baby formulas. Teva Israel further serves as an innovation incubator for Teva Pharmaceuticals and, in collaboration with Philips, established Sanara Ventures, a platform for investments in start-ups in the fields of digital health and medical devices. In Israel, 1 of every 3 prescriptions is for a Teva drug, and in 2020 alone, the savings generated by its generic drugs for the Israeli health care system is estimated at NIS 1.5 billion.
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SOURCE Tikun Olam Cannbit and Teva Israel