12:06 PM EDT, 04/01/2024 (MT Newswires) -- Teva Pharmaceutical Industries ( TEVA ) secured as much as $150 million in financing from Carlyle Group's ( CG ) Abingworth.

to work with Launch Therapeutics, backed by the investment group, to accelerate the clinical research program of Teva's dual-action asthma rescue inhaler.

Launch Therapeutics will lead the operational execution and management of the planned clinical trials with a focus on accelerating Teva's ICS-SABA program, the companies said Monday.

Teva will be mainly responsible for manufacturing, regulatory interactions in the US and commercialization, the companies said.

If the US Food and Drug Administration approves the program, Abingworth can get fixed payments and success payments based on sales of ICS-SABA, while Teva will retain full rights to the program.

Teva's therapy is currently in Phase 3 clinical trials. It has the potential to be the first dual-action asthma rescue inhaler combining an inhaled corticosteroid with a short-acting beta-agonist for both adult and pediatric asthma indications, the company said.

Shares of both Teva and Carlyle Group ( CG ) fell 1.6% in recent trading Monday.

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