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May 27, 2016 / 19 Iyar, 5776

Posts Tagged ‘Teva’

UPDATE: Teva Buys Allergan for $40.5 Billion

Monday, July 27th, 2015

(JNi.media) UPDATE: Israel’s Teva Pharmaceutical Industries Ltd. said in a statement Monday that it has agreed to acquire Dublin-based Allergan PLC’s generic pharmaceuticals business for $40.5 billion. Teva’s statement added that the acquisition will provide its customers with affordable quality medicine and benefit Teva’s stockholders.

Earlier story:

In what seems to be a sudden shift that might have actually been a long time in the making, Israeli giant Teva Pharmaceuticals may acquire the generic drugs segment of Allergan rather than continue to pursue Mylan. Meanwhile, Allergan is buying private drug company Naurex for $560 million.

Teva has been fighting hard to take over the Dutch company Mylan, but it is now considering buying part of Allergan instead. Meanwhile, Allergan, producer of Botox, is reorganizing its business with the purchase of Naurex, which makes treatments for depression.

Brent Saunders, Allergan CEO said, “The acquisition of Naurex is a great fit for Allergan and a compelling and exciting investment. We expect Naurex will enhance Allergan’s mental health portfolio and build on our strategy to lead in an important therapeutic area.”

Teva had raised its offer by $3 billion to $43 billion in the last phase of bidding for Mylan. Mylan was fighting off the bid with its own intended purchase of Perrigo, which like Mylan, didn’t want to be taken over. A Dutch foundation bought half of Mylan to block Teva from buying it, and Teva is now in advanced talks to buy Allergan’s generic division, which was called Actavis, for between $40 – $45 billion. This isn’t necessarily a sudden move, since Teva CEO Erez Vigodman was said to have spoken with Allergan management last year and hired Sigurdur Olafsson, the past director of Actavis’ generic drug division,

Bank of Jerusalem analyst Jonathan Kreizman said, “(Teva) previously had a preference for Actavis over Mylan, but for some reason, it didn’t materialize.” Kreizman pointed out there would be less of a problem with duplicate drugs in the Teva/Allergan deal, since both Teva and Mylan were already developing versions of each others’ drugs.

Allergan, the producers of Botox, faced a long battled with activist investor Bill Ackman who wanted it to be taken over by Valeant. Eventually, Allergan accepted Activis’ offer of $66 billion, which was $13 billion more than Valeant’s bid. The loser, if this deal goes through, might be Perrigo, which was able to fend off Mylan as long as a prospective takeover of Mylan by Teva was on the table. However, if Mylan’s move to buy Perrigo was just a ploy to fend off Teva’s advances, the merger may not be bad news for Perrigo. The question that remains is what will happen to Teva’s $1.6 billion or $4.6% stake in Mylan. On the news that its takeover of Mylan won’t happen, shares are likely to fall, which means that Teva might have to sell its Mylan stake at a loss.


Teva to Buy Allergan for $40 Billion

Monday, July 27th, 2015

The Israeli-based Teva Pharmaceutics company is going to shell out $40.5 billion to buy Allergan and withdraw a troubled offer for almost the same amount of money to purchase Mylan, according to financial media reports Monday morning.

Mylan has opposed the offer, and Teva’s buying Allergan would extricate it from a bitter battle for Mylan. The addition of Allergan also would strongly strengthen Teva’s generic drug position in the industry.

Teva’s share price leaped 10% in trading in Tel Aviv Monday morning after trading has been suspended pending a “significant” announcement by the company.

Teva’s attempt to buy Mylan turned out to be a hostile takeover attempt that has resulted in a nasty war of words between the two companies. Indications are that the stock will open 25% higher than last week’s close.

Mylan chairman Robert Coury has called Teva’s bid “not even close to qualifying as a proposal worth pursuing,” while Teva countered that the purchase would expose Mylan as a “dysfunctional culture” and “troubled company.”

Tzvi Ben-Gedalyahu

Pres. Rivlin Launches Joint Project to Integrate Israeli Arabs into Private Business Sector

Sunday, February 8th, 2015

President Reuven Rivlin launched a joint project Sunday evening with Collective Impact, a group working to increase employment among Israeli Arabs, to integrate the population into the private sector.

CEOs and employers involved with the group met with Rivlin at the President’s Resident to discuss the project.

“The Arab public with all its diversity today makes up more than 20 percent of the general population and more than a quarter of children in first grade,” Rivlin pointed out.

“One may like it, one may fear it, but one cannot ignore it. This is a community, part and parcel of this land, for whom this land is their homeland.

Sadly, too few Israeli Jews are familiar with the Arab society, beyond assumptions of stereotype.  Therefore, there exists a significant gap, created over the years, between the two societies which live side by side, together – yet blind to one another.  Over this divide, this gap, we must build a bridge, step by step.  The mission to build a bridge, and a basis for a sense of cooperation between the Jewish and Arab communities, is for me a humanitarian, Jewish, Zionist, and national mission of the very highest priority,” he added. 

Rivlin pointed out that the project to integrate Israeli Arab workers into the private business sector could go a long way towards ending social gaps and perhaps some security issues as well. There would be no guarantees — but also every opportunity possible to succeed.

“The success of our journey may alter our long-term reality, yet its failure may lead to pain and distress,” he said. “We do not have the privilege to fail, nor to give up.  Good-will alone will not suffice. 

“One thing that I can assure you – as long as you stand by your commitment to this mission, I will be here with you and for you, and my door will always be open to you.  We are partners in this national mission which you have taken upon yourselves.  We are partners on this journey which is our duty to our children, for us all, each and every one of us.”
Among the companies that participated in the study that launched the project were The Strauss Group, Amdocs, Fattal, Check Point, Herzog-Fox-Ne’eman; Shikun&Binui; Teva Pharmaceuticals; HP; Migdal; Matrix and others. Ofra Strauss, chairwoman of the Strauss Group, Ilan Birnfeld, CEO of Deloitte, Shai Levy, CEO of Amdocs and Imad Telhami, CEO of Babcom were present at Sunday night’s meeting, along with a number of others as well.

Jewish Press Staff

Kimberly-Clark Buys Out Israeli Diaper Firm for $160 Million

Tuesday, January 27th, 2015

Kimberley-Clark has announced it is forking out $160 million to buy out the Hogla-Kimberley diaper company that already is half-owned by the American-based paper giant.

The purchase price includes a $10 million payment to Hadera paper not to compete in the diaper market for four years.

“The current agreement is in line with the strategy formed by the company to continue with its core businesses, manufacturing and recycling paper from a stronger and healthier position,” said Hadera Paper chairman Yochanan Locker.

He said he is happy the Kimberley-Clark in investing in the Israeli economy.

He did not say that investments from global companies leave Israel more at the whims of foreign companies who are good at squeezing governments for tax breaks under the threat of pulling out and going elsewhere with their business.

It was disclosed earlier this week that Pfizer is considering buying the Israeli-based Teva Pharmaceuticals company, the international leader in generic drugs.

Teva has said it is nor sale.

Time will tell.


Tzvi Ben-Gedalyahu

Teva’s Parkinson Drug Now Marketed in Japan

Thursday, May 29th, 2014

Japan’s largest pharmaceutical company, Takeda, recently signed an agreement with Teva Pharmaceutical Industries to commercialize the Israeli company’s innovative treatment for Parkinson’s disease, rasagiline, in Japan.

The rasagiline tablets, which are approved in over 40 countries for the treatment of Parkinson’s disease, gained UK and EU-marketing authorization in 2005 and US FDA approval in 2006.

“It is estimated there are about 150,000-180,000 people diagnosed with Parkinson’s disease in Japan, many of whom are waiting for a new treatment option,” said Nancy Joseph-Ridge, M.D., General Manager of Takeda’s Pharmaceutical Development Division located in Osaka, Japan in a press release on April 27.

“We will continue working on the development in cooperation with Teva so that we can bring this medicine to Japanese patients as quickly as possible,” Joseph-Ridge said.

“This agreement represents Teva’s continued commitment to introducing our innovative medicines to patients in Japan,” added Teva Global R&D president and Chief Scientific Officer, Dr. Michael Hayden.

Teva and Takeda entered an agreement in December 2013 to develop glatiramer acetate for the treatment of multiple sclerosis.

Developed by Teva, rasagiline was initially discovered by two Haifa Technion professors, John Finberg and Moussa Youdim, who were instrumental in the early clinical development of the anti-Parkinson drug.

Parkinson’s disease is a degenerative disorder of the central nervous system, whose symptoms include shaking, rigidity, slowness of movement and difficultly with walking as well as dementia in advanced stages. An estimated seven to 10 million people suffer from the disease across the world according to the Parkinson’s Disease Foundation.

According to Teva’s website, rasagiline is a monoaxmine oxidase B (MAO-B) inhibitor that increases available synaptic dopamine in the brain, which might improve the motor symptoms characteristic of Parkinson’s, slowing the progression of the disease.

“Rasagiline has an established safety and efficacy profile…[it] will be an important product for Japan, where the number of available treatment options for Parkinson’s disease remains limited,” said Dr. Hayden.

Anav Silverman, Tazpit News Agency

Teva Wins FDA Approval for Leukemia Drug

Thursday, February 13th, 2014

The U.S. Food and Drug Administration (FDA) has granted Israeli-based Teva Pharmaceuticals full approval for Synribo, a drug that is injected for adults with a with chronic phase or accelerated phase of myeloid leukemia.

Chronic myeloid leukemia, also known as chronic myelogenous leukemia, is one of four main types of leukemia and is a cancer of the blood and bone marrow.

The FDA had given initial approval for the drug in October 2012 but said Teva had to provide additional clinical trial data before it could bring the drug to market.

“With this approval, based on the final analysis of two Phase II trials that evaluated efficacy and tolerability data of Synribo, we believe healthcare providers can be even more confident in the clinical profile of this important medicine, said Teva president and CEO global specialty medicines Rob Koremans.

Jewish Press News Briefs

Teva Names New CEO Three Months after Firing Jeremy Levin

Thursday, January 9th, 2014

Teva Pharmaceutical announced on Thursday that its new CEO will be Erez Vigodman, who until now has been the CEO for the huge phosphate and chemical producer Makhteshim Agan Industries.

Vigodman replaces Dr. Jeremy Levin, who moved to Israel two years to take over the world’s largest generic drug company, which has been faltering since a rival firm began marketing a generic alternative to Teva’s conventional Copaxone drug that prevents the reoccurrence of Muscular Sclerosis.

Levin was fired after arguments on company strategy between him and the board of directors.

Teva chairman Dr. Phillip Frost said, “As a member of the Teva board since 2009, Erez has a deep understanding of the company and the industry in which it operates, putting him in a strong position to hit the ground running and deliver value for shareholders.”

Jewish Press News Briefs

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