Teva Pharmaceutical Industries, Ltd., says it plans to spend $60 million plus an equity investment on a new cancer-fighting treatment. The experimental drug, custirsen sodium (OGX-011), is set to enter Phase III clinical trials in 2010 and early 2011.

The Israeli pharmaceutical giant has just entered a global licensing and collaboration agreement for the new medication with Washington and Vancouver-based OncoGenex Pharmaceuticals, Inc. The new medication has already completed a successful Phase II program in patients with advanced prostate cancer and advanced non-small cell lung cancer.