Teva Pharmaceutical Industries

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Teva Pharmaceutical Industries Ltd.
Type Public
Traded as NYSETEVA
TASETEVA
Industry Pharmaceutical
Founded 1901
Headquarters Petah Tikva, Israel
Key people
  • Erez Vigodman, President and Chief Executive Officer[1]
  • Dr. Phillip Frost, Chairman
  • Eyal Desheh, Chief Financial Officer
Products Pharmaceuticals
Revenue Increase$20.3 billion USD (FY 2012)
Operating income Increase$2.2 billion USD (FY 2012)
Net income Increase$1.9 billion USD (FY 2012)
Employees 46,000 (2012)
Website www.tevapharm.com

Teva Pharmaceutical Industries Ltd. (Hebrew: טבע תעשיות פרמצבטיות בע"מ‎) 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. Teva is a member of both the New York Stock Exchange and the Tel Aviv Stock Exchange.

History[edit]

Worker at Assia plant in the 1930s
Teva plant, Har Hotzvim, Jerusalem

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.[4]

In 1982, Teva was granted approval by the U.S. Food and Drug Administration (FDA) for its Kfar Saba 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.[5] Teva entered the Japanese market in 2005, and in 2008 established a generics joint venture with Kowa.[6]

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.[5]

In 2010, it had 39,660 employees. In Israel, the number of workers rose 7.5% by 6,774.[7] In March 2010, Teva acquired German-based company Ratiopharm in a nearly $5 billion deal, significantly expanding its European coverage.[8][9][10] In October 2010, Teva entered a license agreement with BioTime to develop and market BioTime's OpRegen for the treatment of age-related macular degeneration,[11] an effort that in 2013 received $1.5 billion in funding from Israel's Office of the Chief Scientist.[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.

Corporate governance[edit]

Eli Hurvitz was the CEO of Teva from 1976 to 2002, and chairman of the board until his death in 2011.[13][14]

Shlomo Yanai was the CEO of Teva from March 2007 to May 2012, having announced his resignation at the beginning of 2012.[15]

Jeremy Levin was the CEO from May 2012 to October 30, 2013, when he announced his resignation.[16]

In January 2014, Erez Vigodman, replaced Eyal Desheh as the CEO of Teva, with the latter returning to his role as chief financial officer.[1][17][18] Vigodman served as the CEO of Makhteshim Agan until joining Teva, and was President and CEO of Strauss Group prior to this.[18]

As of 2014, Michael Hayden was Teva's chief scientific officer and president of the company's global research and development.[19]

Mergers and acquisitions[edit]

On December 23, 2008, Teva acquired Barr Pharmaceuticals for US$7.5 billion, making Barr and Pliva (which Barr bought earlier) part of Teva.[20]

On March 18, 2010, Teva announced that it planned to acquire German generic Ratiopharm for US$5 billion. The deal was completed in August 2010.[5]

In May 2011, Teva bought Cephalon for US$6.8 billion.[21] 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.[6] Teva completed the $934 million acquisition on July 2011.[22]

In June 2013 Teva acquired US firm MicroDose for $40 million with as much as $125 million being paid in regulatory and developmental milestones [23]

In January 2014, Teva acquired NuPathe after outbidding Endo for $144 million[24]

In June 2014, Teva acquired Labrys Biologics for up to US$825 million,[25] the aim being to strengthen the company's migraine pipeline through addition of LBR-101, an anti-CGRP monoclonal antibody therapeutic.[19]

Research and Development[edit]

Copaxone, a Teva patented drug

Teva holds a patent on multiple drugs including: 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 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.[26]

Legal issues[edit]

On June 25, 2010, Bayer sued Teva for falsely claiming that Gianvi, Teva's Generic of Yaz, was "stabilized by betadex as a clathrate."[27] 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."[28] The settlement of the lawsuit resulted in Teva changing its product marketing to remove the claim that it used the same ingredients as Yaz.[29][dead link] Bayer's patent is on a method specifically designed to prevent oxidative degradation of the estrogen.

Subsidiaries[edit]

  • Africa
    • Assia Pharmaceuticals Ltd.
    • Teva Pharmaceuticals (Pty) Ltd.
  • Asia
    • Oncotest [Israel]
    • Ratio Pharma
    • TAPI Teva API Israel
    • Teva API India Ltd.
    • Teva Israel
    • Teva Japan
    • Teva Singapore
    • Teva SLE [Israel]
  • North America
    • Barr Pharmaceuticals
    • Plantex USA
    • Teva Animal Health
    • Teva Biopharmaceuticals USA
    • Teva Canada
    • Teva Mexico
    • Teva Neuroscience
    • Teva Neuroscience Canada
    • Teva Parenteral Medicines
    • Teva Pharmaceuticals Curaçao N.V.
    • Teva Pharmaceuticals USA
    • Teva Specialty Pharmaceuticals
  • South America
    • Teva Perú (Corporación Medco and Infarmasa)
    • Ivax Argentina
    • Laboratorio Chile
    • Teva Brazil
  • Europe
    • Med Ilaç A.Ş.
    • Plantex Chemicals B.V.
    • Pliva Croatia
    • Prosintex – ICI
    • Ratiopharm GmbH
    • Sicor Biotech UAB (Lithuania)
    • Sicor Europe
    • Sicor Italy S.r.I.
    • Teva API International Spain
    • Teva Belarus
    • Teva Belgium
    • Teva Bulgaria
    • Teva Czech-Republic
    • Teva Classics France
    • Teva Finland Oy
    • Teva Generics Spain
    • Teva Group Germany
    • Teva Hungary Ltd.
    • Teva Kazakhstan
    • Teva Moscow
    • Teva Pharmaceuticals Europe B.V.
    • Teva Pharmachemie B.V.
    • Teva Pharma UK
    • Teva Pharma AG
    • Teva Italia S.r.l.
    • Teva Pharma Portugal Ltd.
    • Teva Sweden AB
    • Teva Pharmaceutical Fine Chemicals S.r.I.
    • Teva Pharmaceutical Works Ltd.
    • Teva Pharmaceuticals CR, s.r.o.
    • Teva Pharmaceuticals Ireland
    • Teva Pharmaceuticals Polska (Poland)
    • Teva Pharmaceuticals Slovakia, s.r.o.
    • Teva UK Limited
    • Teva Ukraine

Pharmaceutical products[edit]

  • ((Naltrexone))

See also[edit]

References[edit]

  1. ^ a b "Teva Names a New Chief Executive". Business Day. The New York Times. Bloomberg News. January 2, 2012. Archived from the original on April 27, 2012. Retrieved January 3, 2012. (registration required)
  2. ^ 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. Retrieved November 3, 2010. 
  3. ^ "Teva Pharmaceutical Industries—Jerusalem". Database. Jerusalem, Israel: BioJerusalem. Archived from the original on May 8, 2011. 
  4. ^ http://www.tevapharm.com/about/history.asp The History of Teva
  5. ^ a b c Singer, Natasha (March 18, 2010). "Teva to Acquire Top German Generics Maker for $5 Billion". The New York Times. Retrieved March 18, 2010. 
  6. ^ 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. Retrieved May 7, 2011. 
  7. ^ 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. 
  8. ^ 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. Retrieved May 8, 2011. 
  9. ^ 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. Retrieved May 8, 2011. 
  10. ^ "Cell Cure Neurosciences Ltd., a Subsidiary of BioTime, Inc. and Hadasit Bio Holdings Ltd., Enters into an Exclusive License Option Agreement with Teva Pharmaceutical Industries Ltd.". 
  11. ^ "BioTime’s Subsidiary Cell Cure Neurosciences Ltd. Awarded $1.5 Million Grant from Israel’s Office of the Chief Scientist". 
  12. ^ "Teva Pharmaceutical Industries Ltd (TEVA.O) Officers". Reuters. Archived from the original on September 29, 2008. Retrieved October 11, 2008. 
  13. ^ Coren, Ora (February 21, 2008). "Most respected managers in market: Tshuva, Dankner, Maor and Hurvitz". Haaretz. Archived from the original on October 20, 2012. Retrieved March 21, 2014. 
  14. ^ "Teva CEO Shlomo Yanai leaving in May, to be replaced by American". Haaretz. Retrieved December 7, 2013. 
  15. ^ "Teva CEO Jeremy Levin steps down". Globes. Retrieved October 30, 2013. 
  16. ^ "Israel's Teva Pharm names Vigodman as CEO". Reuters. January 9, 2014. Archived from the original on January 9, 2014. 
  17. ^ a b "People". Gen. Eng. Biotechnol. News (paper) 34 (4). February 15, 2014. p. 41. 
  18. ^ a b George, John (21 July 2014). "Teva completes deal for second migraine-treatment developer". Phila. Bus. J. Retrieved 21 July 2014. 
  19. ^ Teva Completes Acquisition of Barr
  20. ^ Nicholson, Chris V. (May 2, 2011). "Teva to Buy Cephalon for $6.8 Billion". The New York Times. 
  21. ^ Teva completes $934m Taiyo acquisition, Globes, 14 July 11
  22. ^ http://www.bloomberg.com/news/2013-06-17/teva-adds-microdose-to-respiratory-business-in-165-million-deal.html
  23. ^ "Teva Outbids Endo, Acquires NuPathe for $144M+". News: Industry Watch. Gen. Eng. Biotechnol. News (paper) 34 (4). February 15, 2014. p. 10. 
  24. ^ "Teva Buys Labrys, Growing Pain Franchise in Up to $825M Deal". Gen. Eng. Biotechnol. News. 3 June 2014. Retrieved 21 July 2014. 
  25. ^ "Teva won't make more of powerful sedative". 
  26. ^ 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". Retrieved December 26, 2010. 
  27. ^ Backensfeld , et al. (August 25, 1998). "Solid dosage forms that contain clathrates of 17.alpha.-ethinyl estradiol". Retrieved December 26, 2010. 
  28. ^ Maureen M Cavanaugh, Teva Pharmaceuticals (July 1, 2010). "Microsoft Word – Gianvi Pharmacist Letter – RevD – Final 7-1-10 – web versi…". Retrieved December 26, 2010. [dead link]
  29. ^ DeNoon, D. (2012, August 03). Generic singulair approved. Retrieved from http://www.webmd.com/asthma/news/20120803/generic-singulair-approved
  30. ^ Teva Announces Launch Of Generic Protonix Tablets

External links[edit]