Israel-based group Teva Pharmaceutical today has announced positive preliminary results from a Phase III study with Fasinumab, for the treatment of chronic pain from osteoarthritis of the knee or hip. Fasinumab was initially developed by Regeneron. The two companies in 2016 signed an agreement under which Teva would pay $250m and share development costs, which had been estimated at $1bn. In exchange for that, the companies would share profits once the drug was launched on the market. Teva’s shares rose 1% (Nasdaq) as trading started.