February 15, 2001
Feb. 14, 2001 via NewsEdge Corporation -
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) today announced the conclusion of separate agreements with Aventis Pharmaceuticals Inc. and H. Lundbeck A/S which reposition Teva's global innovative interests including Copaxone(R) and which will permit Teva to enhance its generic R&D effort.
"The result of these two agreements reflects a global strategic initiative for Teva. The strategic alliance with our strong partner, Lundbeck, has been extended to include oral Copaxone in Europe with most of the development costs being borne by Lundbeck. This will enable Teva to allocate additional substantial resources to enhancing our largest-ever generic pipeline, fortifying our leading position among generic pharmaceutical companies," explained Eli Hurvitz, President and CEO of Teva.
Under the agreement signed by Teva and Aventis, Teva Marion Partners (TMP) will become a wholly owned subsidiary of Teva and will be renamed Teva Neuroscience LLC. Teva Marion Partners was formed in 1995 as an equally owned marketing partnership between Teva and Aventis Pharmaceuticals, to promote Copaxone(R) in North America. This role will now be transferred to Teva Neuroscience which will become the flag bearer for marketing Teva's proprietary neurology pipeline in North America. Aventis will continue to distribute Copaxone(R) in North America while keeping the existing mutual economic benefits.
"Full ownership of Teva Neuroscience will allow us to continue the successful marketing efforts which have made Copaxone(R) the fastest growing multiple sclerosis therapy in North America. We are confident that Teva Neuroscience's people and expertise will leverage Copaxone(R)'s success to create a leading neurological pharmaceutical company in North America, and will ensure its success with Teva's upcoming additional innovative neurological products. The first candidates are two Parkinson's disease products, rasagiline (TVP-1012) and etilevodopa (TV-1203), which are currently in Phase III clinical trials," commented Israel Makov, COO of Teva.
The agreement between Teva and Lundbeck extends their existing strategic cooperation, which currently covers the global development and European marketing of the two Parkinson's disease products, to include the oral formulation of Copaxone(R). The CORAL study of oral Copaxone(R), the first global study evaluating efficacy and safety of an oral multiple sclerosis therapy, is the largest clinical study ever initiated for MS patients. The study is expected to be completed towards the end of 2001. Beyond its financial impact, this cooperation will provide Teva with access to Lundbeck's considerable experience in product development and European registration, as well as its extensive European marketing network.
Larry Downey, president and CEO of TMP and the new Teva Neuroscience, said, "We remain committed to enhancing the management of multiple sclerosis and we are excited by these additional product opportunities. Teva has a strong commitment to its neurology product line. We are committed to being a leader in our field."
Patients will continue to benefit from the excellent distribution services of Aventis and the availability of services from Teva Neuroscience, including the MSWatch(R) Web site and Shared Solutions(TM) patient support program. Teva Neuroscience will continue its efforts to enhance the management of multiple sclerosis.
The marketing of injectable Copaxone(R) in Europe will continue under the current strategic alliance agreement between Teva and Aventis. However, Teva has reserved the right, under certain conditions, to reacquire the marketing and distribution rights to the injectable formulation of Copaxone(R) at such time as the oral formulation reaches the European market.
Teva Pharmaceutical Industries Ltd. headquartered in Israel is among the top 50 pharmaceutical companies and among the largest generic pharmaceutical companies in the world. Over 85% of Teva's sales are outside Israel, mainly in North America and Europe. The Company develops, manufactures and markets generic and branded human pharmaceuticals and active pharmaceutical ingredients.
Safe Harbor Statement: This release contains forward-looking statements, which express the beliefs and expectations of management. Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause the Company's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward looking statements. Important factors that could cause or contribute to such differences include the impact of pharmaceutical industry regulation, the difficulty of predicting FDA and other regulatory authority approvals, the regulatory environment and changes in the health policies and structure of various countries, acceptance and demand for new pharmaceutical products and new therapies, the impact of competitive products and pricing, the availability and pricing of ingredients used in the manufacture of pharmaceutical products, uncertainties regarding market acceptance of innovative products newly launched, currently being sold or in development, the impact of restructuring of clients, reliance on strategic alliances, fluctuations in currency, exchange and interest rates, operating results, and other factors that are discussed in the Company's Annual Report on Form 20-F and the Company's other filings with the U.S. Securities and Exchange Commission.
Teva Pharmaceutical Industries Ltd.or
Dan Suesskind, Chief Financial Officer
Teva North Americaor
Bill Fletcher, President and CEO
Teva Pharmaceutical Industries Ltd.
Dorit Meltzer, Director, Investor Relations