Teva Pharmaceutical Industries
|Headquarters||Petah Tikva, Israel|
|Revenue||US$ 22.385 billion (2017)|
|US$ 2.165 billion (2016)|
|US$ 327 Million (2016)|
Number of employees
Teva Pharmaceutical Industries Ltd. (Hebrew: טבע תעשיות פרמצבטיות בע"מ) is an Israeli multinational pharmaceutical company headquartered in Petah Tikva, Israel. It specializes primarily in generic drugs, but other business interests include active pharmaceutical ingredients and, to a lesser extent, proprietary pharmaceuticals. It is the largest generic drug manufacturer in the world and one of the 15 largest pharmaceutical companies worldwide.
Teva's facilities are located in Israel, North America, Europe, and South America. Teva shares trade on both the New York Stock Exchange (via ADRs) and the Tel Aviv Stock Exchange. The company is a member of the Pharmaceutical Research and Manufacturers of America (PhRMA).
Teva's earliest predecessor was Salomon, Levin, and Elstein Ltd., a wholesale distributor based in Ottoman Syria that was founded in 1901, and used camels to make deliveries. 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 after the formation of the State of Israel in 1948.
In 1964, Assia and Zori merged and acquired a controlling interest in Teva. In 1976, these three companies merged into the modern-day 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.
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 US.
1980 to 1999
2000 to 2009
In October 2003, Teva announced its intentions to acquire Sicor Inc. for $3.4 billion. Following the announcement, the acquisition was completed on January 22, 2004, which marked Teva's entry into biosimilars' market.
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. Teva entered the Japanese market in 2005, and in 2008 established a generics joint venture with Kowa.
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.On December 23, 2008, Teva acquired Barr Pharmaceuticals for $7.5 billion, making Barr and Pliva (which Barr bought earlier) part of Teva.
On March 18, 2010, Teva said it planned to acquire German generic Ratiopharm for US$5 billion. The deal was completed in August 2010. In May 2011, Teva bought Cephalon for US$6.8 billion. The same month, Teva announced the ¥40 billion purchase of a majority stake in Japanese generic drug company Taiyo Pharmaceutical Industry, a move to secure a Japan-local production facility. Teva completed the $934 million acquisition in July 2011. In June 2013 Teva acquired US firm MicroDose for $40 million with as much as $125 million being paid in regulatory and developmental milestones  In 2010, Teva announced that it would build its main distribution center for the Americas in Philadelphia, PA, and was considering opening its US headquarters in the area. In 2010, it had 39,660 employees. In Israel, the number of workers rose 7.5% by 6,774. In March 2010, Teva acquired German-based company Ratiopharm in a deal worth almost $5 billion, significantly expanding its European coverage. In October 2010, Teva entered a licensing agreement with BioTime to develop and market BioTime's OpRegen for the treatment of age-related macular degeneration, an effort that in 2013 received $1.5 billion in funding from Israel's Office of the Chief Scientist.
In May 2011 Teva announced it would purchase Cephalon for US$6.8 billion, to help expand its presence in the proprietary pharmaceuticals sector.
In January 2014, Teva acquired NuPathe, after outbidding Endo, for $144 million. In June 2014, Teva acquired Labrys Biologics for up to $825 million, the aim being to strengthen the company's migraine pipeline through addition of LBR-101, an anti-CGRP monoclonal antibody therapeutic.
In March 2015, Teva acquired Auspex Pharmaceuticals for $3.5 billion growing its CNS portfolio. In April, Teva offered to acquire Mylan for $40 billion, only a fortnight after Mylan offered to buy Perrigo for $29 billion. Teva's offer for Mylan was contingent on Mylan abandoning its pursuit of Perrigo. Mylan stated in June 2015 that Teva’s disclosure that it had a 1.35 percent stake in Mylan violated US anti-trust rules. In October, the company acquired Mexico-based Representaciones e Investigaciones Medicas (Rimsa) for around $2.3 billion. In the same month Teva acquired Gecko Health Innovations. In November 2015, the company announced it would collaborate with Heptares Therapeutics with its work on small-molecule calcitonin gene-related peptide antagonists for migraine treatment, with the deal generating up to $410 million.
Teva Active Pharmaceutical Ingredients (TAPI) operates within Teva as a stand-alone business unit. As well as providing for 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.
In July 2017, it was reported that Pascal Soriot, CEO of AstraZeneca since 2012, would become the next CEO of Teva, succeeding Erez Vigodman, however this was soon refuted. As of August 2017, the company has struggled to attract a new CEO, leading to mounting questions for the board. In August 2017, the board of directors announced a 75% cut in the dividend, reflecting declining profitability, and the share price fell by almost half in the days following. As of September 11, 2017, Teva remained the “world’s biggest seller of generics medicines.” On September 11, 2017, it was reported that they had selected Kåre Schultz as the new Teva CEO. A day later the company announced it would sell its Paragard contraceptive brand to Cooper Cos for $1.1 billion, with the funds being used to pay down debt. Days later the company announced further divestments: a sale of contraception, fertility, menopause and osteoporosis products to CVC Capital Partners Fund VI for $703 million and its emergency contraception brands for $675 million to Foundation Consumer Healthcare. By December, the company had announced a drastic twenty-five percent workforce reduction (>14,000 employees) as part of a two-year cost-reduction strategy. Following considerable lobbying by the Israeli Government, from whom Teva received considerable tax breaks, and from Israel's labor federation, the Histadrut, Teva agreed to delay some of the layoffs in Israel
In July 2015, Allergan agreed to sell its generic drug business (Actavis Generics) to Teva for $40.5 billion ($33.75 billion in cash and $6.75 billion worth of shares). As a result, Teva dropped its pursuit of Mylan. In order for the deal to gain regulatory approval, Teva sold off a number of assets, including a portfolio of five generic drugs to Sagent Pharmaceuticals for $40 million, as well as a further eight medicines to Dr. Reddy’s in a $350 million deal. Teva also sold a further 15 marketed generics, as well as three others which were close to market, for $586 million to Impax Laboratories. In July, Teva sold off a further 42 products to Australian generics company, Mayne Pharma, for $652 million; the deal moved Mayne up 50 spots, into the top-25 companies of US generic companies. As part of the deal Teva will seek to raise $20 to $25 billion through a bond sale.
The following is an illustration of the company's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):
|Teva Pharmaceutical Industries||
|Chief Executive Officer||Period of office||Notes|
|Eli Hurvitz||1976 to 2002||CEO & Chairman of the board until his death in 2011.|
|Israel Makov||2002 to 2007|||
|Shlomo Yanai||March 2007 to May 2012||Announced his resignation at the beginning of 2012.|
|Jeremy Levin||May 2012 to October 2013|||
|Eyal Desheh||October 2013 to January 2014||Interim CEO|
|Erez Vigodman||January 2014 to February 2017||Desheh returned to previous position of chief financial officer. Vigodman served as the CEO of Makhteshim Agan until joining Teva, and was President and CEO of Strauss Group prior to this. From 2014, Michael Hayden served as Teva's chief scientific officer and president of the company's global research and development.|
|Yitzhak Peterburg||February 2017 to Sept 2017||Peterburg held the position of Chairman since 2015. He was appointed as Interim President and CEO in 2017 succeeding Erez Vigodman. Since Israeli law does not permit the same individual to serve as CEO and Chairman, Sol J Barer took over as the Chairman of the board in February 2017.|
|Kåre Schultz||September 2017 – present||Schultz was appointed as the CEO and President succeeding the acting President and CEO Yitzhak Peterburg.|
Research and development
Teva holds patents on multiple drugs, including: Copaxone, a specialty drug (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. By July 2015 Copaxone held a "31.2 percent shares of total MS prescriptions in the United States." Teva's new 40 mg version of Copaxone taken three times a week "accounted for 68.5 percent of total Copaxone prescriptions in the United States." Copaxone accounts for about fifty percent of "Teva's profit and 20 percent of revenue." Competitors' Glatopa, 20 mg version of Copaxone, is taken once a day.
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.
- CEP-32496 (renamed RXDX-105) a small molecule inhibitor of BRAF, EGFR and RET, now in Phase I/II trials
- CEP-40783 (renamed RXDX-106) a small molecule inhibitor of AXL and c-Met in preclinical development
- CEP-40125 (renamed RXDX-107) a nanoformulation of a modified bendamustine with potenital activity in solid tumours. Bendamustine Rapid Infusion as therapy for CLL and NHL is part of Teva's specialty drugs pipeline.
- TEV-44229 (renamed RXDX-108) a potent inhibitor of the kinase PKCiota
On June 25, 2010, Bayer sued Teva for falsely claiming that Gianvi, Teva's Generic of Yaz, was "stabilized by betadex as a clathrate." 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." The settlement of the lawsuit resulted in Teva changing its product marketing to remove the claim that it used the same ingredients as Yaz.[dead link] Bayer's patent is on a method specifically designed to prevent oxidative degradation of the estrogen.
In December 2016, the attorneys general of 20 states filed a civil complaint accusing Teva Pharmaceutical of a coordinated scheme to artificially maintain high prices for a generic antibiotic and diabetes drug. The complaint alleged price collusion schemes between six pharmaceutical firms including informal gatherings, telephone calls, and text messages.
A full list of products is available from www.tevagenerics.com.
- Adderall (generic and branded)
- Amikacin Sulfate
- Aripiprazole (generic)
- Augmentin (generic)
- Bisoprolol Fumarate
- Doxorubicin HCl
- Epirubicin HCl
- Epoprostenol Sodium
- Haloperidol Decanoate
- Ibuprofen Max
- Idarubicin HCl
- Leucovorin Calcium
- Levonorgestrel branded as Enpresse
- Montelukast (generic) 
- Naproxen
- Salbutamol (Albuterol)
- Sulfamethoxazole Trimethoprim
- Economy of Israel
- Science and technology in Israel
- Health care in Israel
- Teva Active Pharmaceutical Ingredients (TAPI)
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- "BioTime's Subsidiary Cell Cure Neurosciences Ltd. Awarded $1.5 Million Grant from Israel's Office of the Chief Scientist".
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- "Teva Offers to Buy Mylan in $40.1B Cash-And-Stock Deal". Pharmaceutical Processing. Associated Press. April 21, 2015. Retrieved April 21, 2015.
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- Boland, Hannah. "Pascal Soriot looks set to stay as AstraZeneca chief". The Daily Telegraph. Retrieved May 15, 2018.
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- "Form 6-K".
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- Mfg. by Watson Pharmaceuticals. See Actavis Acquisition and Watson Name Change, and Allergan, Inc. Acquisition and Actavis, plc Name Change
- DeNoon, D. (August 3, 2012). Generic singulair approved. Retrieved from http://www.webmd.com/asthma/news/20120803/generic-singulair-approved
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|Wikimedia Commons has media related to Teva Pharmaceutical Industries.|
- Teva Pharmaceutical Industries Official website
- Pharmaceutical Executive (PDF)
- "Recent Product Launches, Teva Pharmaceuticals USA". Retrieved February 21, 2008.
- The Economic Times