Under the agreement, Teva would acquire worldwide rights to Igalmi (dexmedetomidine) sublingual film, a prescription medicine, as well as BXCL501, an investigational therapy.
The move comes as Teva advances plans to divest its API unit, Teva Active Pharmaceutical Ingredients (TAPI), a process first announced in January 2024.
The Israeli pharmaceutical company will receive the funding over four years to support ongoing trials of the anti-TL1A antibody, which Teva is co-developing with Sanofi.