Teva Pharmaceutical Industries
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| Type | Public (NASDAQ: TEVA),(TASE: TEVA) |
|---|---|
| Industry | Pharmaceutical |
| Founded | 1901 |
| Headquarters | Petah Tikva, Israel |
| Key people | Shlomo Yanai, President and Chief Executive Officer[1] Dr. Phillip Frost, Chairman Eyal Desheh, Chief Financial Officer |
| Products | Pharmaceuticals |
| Revenue |  $16.1 billion USD (FY 2010) |
| Net income | $3.3 billion USD (FY 2010) |
| Employees | 40,000 (2011) |
| Website | tevapharm.com |
Teva Pharmaceutical Industries Ltd. (Hebrew: טבע תעשיות פרמצבטיות בע"מ), NASDAQ: TEVA is an international pharmaceutical company headquartered in Petah Tikva, Israel. It specializes in generic and proprietary pharmaceuticals and active pharmaceutical ingredients. It is the largest generic drug manufacturer in the world,[2] and one of the 15 largest pharmaceutical companies worldwide.[3]
Teva's facilities are located in Israel, North America, Europe, and South America. As of February 2011[update], Teva is the tenth largest company by market capitalization on the Nasdaq just behind Gilead Sciences, and is a member of both the NASDAQ-100 and TA-25 Index (in which it represents 9.5% of the total Index value).
Eli Hurwitz was the CEO of Teva from 1976 to 2002, and chairman of the board until his death in 2011. [4][5]
In January 2012, the company announced that Jeremy Levin will join the company as their new CEO.
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[edit] History
Teva's earliest predecessor was Salomon, Levin, and Elstein Ltd., a wholesale distributor based in Jerusalem that was founded in 1901. During the 1930s, new immigrants from Europe founded several pharmaceutical companies including Teva ("Nature" in Hebrew), Assia, and Zori. In 1951, Teva raised capital through the newly founded Tel-Aviv Stock Exchange.
In 1964, Assia and Zori merged and acquired a controlling interest in Teva. In 1976, these three companies merged into the modern Teva Pharmaceutical Industries Ltd. In 1980, Teva continued to follow its vision of becoming one of the world's biggest pharmaceutical companies by acquiring Ikapharm, then Israel's second largest drug manufacturer.[6]
In 1982, Teva was granted approval by the U.S. Food and Drug Administration (FDA) for its Kfar Sava manufacturing plant, an essential milestone for marketing pharmaceuticals in the USA.
In 2005, Teva opened a new, state-of-the-art pharmaceutical manufacturing plant in Har Hotzvim, a technology park in Jerusalem. The plant received FDA approval in early 2007.[7] Teva entered the Japanese market in 2005, and in 2008 established a generics joint venture with Kowa.[8]
In 2008, sales totalled $11.08 billion, $13.9 billion in 2009, and in 2010 total sales rose to $16.1 billion, of which a major portion was in Europe and North America. Teva acquired its U.S. rival Ivax Corporation in January 2006, Barr in 2007 and Ratiopharm in 2010.
In 2010, Teva announced that it would be building its main distribution center for the Americas in Philadelphia, PA and was considering opening its US headquarters in the area.[7] In 2010, it had 39,660 employees. In Israel, the number of workers rose 7.5% to 6,774.[9] In March 2010, Teva acquired German-based company Ratiopharm in a nearly $5 billion deal, significantly expanding its European coverage.[10][11][12] In May 2011 Teva announced it will purchase Cephalon for US$6.8 billion as part of its effort to expand its presence in the proprietary pharmaceuticals sector.
Within Teva operates Teva Active Pharmaceutical Ingredients (TAPI) as a stand-alone business unit. On top of supplying a major share of Teva's own needs, the TAPI division is an active competitor in world markets. In 2009, TAPI's sales to third parties totaled $565 million, and in 2010 sales rose by 13% to a total of $641 million.
[edit] Mergers and acquisitions
On December 23, 2008, Teva acquired Barr Pharmaceuticals for US$7.5 billion, making Barr and Pliva (which Barr bought earlier) part of Teva.[13] On March 18, 2010, Teva announced that it planned to acquire German generic Ratiopharm for US$5 billion. The deal was completed on August 2010.[7]
In May 2011, Teva bought Cephalon for US$6.8 billion. The combined company is expected to have US$7 billion in sales of branded drugs.[14] Shortly after this announcement, Teva announced the ¥40 billion purchase of a majority stake in the Japanese generic drug company Taiyo Pharmaceutical Industry, a move to secure a Japan-local production facility.[8] Teva completed the $934 million acquisition on July 2011.[15]
[edit] Research and Development
Teva holds a patent on two drugs: Copaxone (for the treatment of multiple sclerosis, now the world's best selling MS drug, and Azilect (sold as Agilect in some countries) for treatment of Parkinson's disease.
In June 2006, Teva (through a former Ivax subsidiary) received from the FDA a 180-day exclusivity period to sell simvastatin (Zocor) in the U.S. as a generic drug in all strengths except 80 mg. Teva presently[when?] competes with the maker of brand-name Zocor, Merck & Co.; Ranbaxy Laboratories, which has 180-day exclusivity for the 80 mg strength; and Dr. Reddy's Laboratories, whose authorized generic version (licensed by Merck) is exempt from exclusivity.
In June 2010, the company announced it would discontinue its production of propofol, a major sedative estimated to be used in 75% of all US anesthetic procedures.[16]
[edit] Legal issues
On June 25, 2010, Bayer sued Teva for falsely claiming that Gianvi, Teva's Generic of Yaz, was "stabilized by betadex as a clathrate."[17] The lawsuit stems from Bayer's US patent, 5798338, on the binding and preservative agents that were not in fact present in Gianvi. "In the preparation of such low-dosed dosage forms, strong fluctuations of the active ingredient concentrations in the dosage units occur almost unavoidably (inadequate content uniformity), which manifest themselves more strongly, the smaller the amount of the active ingredient. It has now been found that the drawbacks that are observed especially in the preparation and storage of dosage forms which contain low-dosed steroidal sex hormones can be avoided, at least to a large extent, if dosage forms are prepared that contain powdery cyclodextrin clathrates of these active ingredients."[18] The settlement of the lawsuit resulted in Teva changing its product marketing to remove the claim that it used the same ingredients as Yaz.[19][dead link] Bayer's patent is on a method specifically designed to prevent oxidative degradation of the estrogen.
[edit] Subsidiaries
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[edit] Pharmaceutical products
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This list is incomplete; you can help by expanding it.
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[edit] See also
- Economy of Israel
- Science and technology in Israel
- Health care in Israel
- Teva Active Pharmaceutical Ingredients (TAPI)
- Qualitest
[edit] References
- ^ Bloomberg News (January 2, 2012), "Teva Names a New Chief Executive", The New York Times: Business Day (nytimes.com), http://www.nytimes.com/2012/01/03/business/teva-names-a-new-chief-executive.html, retrieved January 3, 2012
Jeremy Levin will replace Shlomo Yanai as Cheif Executive Officer upon Mr. Yanai's retirement in May 2012. - ^ Hollis, Liz Jones (August 10, 2010). "Teva - Top 10 Generic Drug Companies 2010". FiercePharma. Washington, DC, United States: FierceMarkets. Archived from the original on May 8, 2011. http://www.webcitation.org/5yXPMLkBa. Retrieved November 3, 2010.
- ^ "Teva Pharmaceutical Industries—Jerusalem". Database. Jerusalem, Israel: BioJerusalem. Archived from the original on May 8, 2011. http://www.webcitation.org/5yXPfzOwL.
- ^ "Hurvitz, Eli". Reuters. http://www.reuters.com/finance/stocks/officerProfile?symbol=TEVA.O&officerId=132712. Retrieved October 11, 2008.
- ^ Coren, Ora (February 21, 2008). "Most respected managers in market: Tshuva, Dankner, Maor and Hurvitz". Haaretz. http://www.haaretz.com/hasen/spages/955989.html. Retrieved October 11, 2008.
- ^ http://www.tevapharm.com/about/history.asp The History of Teva
- ^ a b c Singer, Natasha (March 18, 2010). "Teva to Acquire Top German Generics Maker for $5 Billion". The New York Times. http://www.nytimes.com/2010/03/19/business/global/19drugs.html. Retrieved March 18, 2010.
- ^ a b Grogan, Kevin (5 May 2011). "Teva plans $500 million Japan acquisition". PharmaTimes Magazine (London, England): Online PharmaTimes. Archived from the original on 7 May 2011. http://www.webcitation.org/5yVp5Pr7b. Retrieved May 7, 2011.
- ^ Yeshayahou, Koby (16 February 2011). "Teva employees gain $222m on options". Globes (Rishon Le-Zion, Israel: Globes Publisher Itonut): globes-online.com. Archived from the original on May 8, 2011. http://www.webcitation.org/5yXQENLt8.
- ^ Ratiopharm[dead link]
- ^ Jonathan D. Rockoff; Eyk Henning (March 19, 2010). "Teva to Acquire Generics Firm" (~100 words). The Wall Street Journal (New York City): WSJ.com. Archived from the original on May 8, 2011. http://www.webcitation.org/5yXX2YMH8. Retrieved May 8, 2011.
- ^ Robert Daniel; Polya Lesova (18 March 2010). "Teva to acquire Ratiopharm in deal valued near $5 billion". MarketWatch. New York City: Dow Jones & Co.. Archived from the original on May 8, 2011. http://www.webcitation.org/5yXXk8ZU2. Retrieved May 8, 2011.
- ^ Teva Completes Acquisition of Barr
- ^ Nicholson, Chris V. (May 2, 2011). "Teva to Buy Cephalon for $6.8 Billion". The New York Times. http://dealbook.nytimes.com/2011/05/02/teva-to-buy-cephalon-for-6-8-billion/?partner=rss&emc=rss.
- ^ Teva completes $934m Taiyo acquisition, Globes, 14 July 11
- ^ "Teva won't make more of powerful sedative". http://www.msnbc.msn.com/id/37403276/ns/health-health_care/.
- ^ Bayer HealthCare Pharmaceuticals Inc. (June 25, 2010). "Bayer Sues Teva and Barr for False Advertising and Patent Infringement in Connection with Teva’s Generic Oral Contraceptive Gianvi". http://pharma.bayer.com/scripts/pages/en/news_room/news_room/news_room95.php. Retrieved December 26, 2010.
- ^ Backensfeld , et al. (August 25, 1998). "Solid dosage forms that contain clathrates of 17.alpha.-ethinyl estradiol". http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PALL&p=1&u=%2Fnetahtml%2FPTO%2Fsrchnum.htm&r=1&f=G&l=50&s1=5798338.PN.&OS=PN/5798338&RS=PN/5798338. Retrieved December 26, 2010.
- ^ Maureen M Cavanaugh, Teva Pharmaceuticals (July 1, 2010). "Microsoft Word - Gianvi Pharmacist Letter - RevD - Final 7-1-10 - web versi…". http://www.tevausa.com/assets/base/products/Gianvi_Letter_7-1-10.pdf. Retrieved December 26, 2010.
- ^ http://www.tevapharm.com/pr/2007/pr_708.asp Teva Announces Launch Of Generic Protonix Tablets]
[edit] External links
- Official website
- Pharmaceutical Executive (PDF)
- "Recent Product Launches, Teva Pharmaceuticals USA". http://www.tevausa.com/default.aspx?pageid=75. Retrieved 2008-02-21.
- The Economic Times
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