JERUSALEM, Dec 26 (Reuters) – Drugmaker Teva Pharmaceutical Industries (TEVA.TA) said on Sunday it was entering the medical cannabis market by signing an exclusive and mutual collaboration agreement with another Israeli company, Tikun Olam-Cannbit (TKUN.TA).
Under the agreement, Tikun Olam-Cannbit will produce several medical cannabis products that are administered as oils. They will be marketed by Teva to patients in Israel, the Palestinian Authority and, when the market opens, Ukraine, Teva said.
Once Teva receives all the required regulatory approvals, the companies will collaborate for 10 years and that could be extended by another nine years.
“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 unaddressed medical needs of patients,” said Yossi Ofek, chief executive of Teva Israel.
