Proactiveinvestors RSS feed en Sat, 23 Jun 2018 07:11:04 +0100 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[News - Teva to defend its Actavis UK division amid claims of “unfair” price hike ]]> Drug firm Actavis UK has been accused of charging “excessive and unfair prices” after the firm ramped up the cost of a lifesaving drug by more than 12,000%.

The Competition and Markets Authority (CMA) said Actavis had ripped off the NHS after it increased the cost of 10mg hydrocortisone tablets from 70p to £88 over the course of eight years.

This means that between 2009 and 2015, the NHS’s annual spend on the drug – which is used to treat Addison’s disease – rose from £522,000 to £70mln.

“This is a life-saving drug relied on by thousands of patients, which the NHS has no choice but to continue purchasing,” said the CMA’s senior responsible officer Andrew Groves.

“We allege that the company has taken advantage of this situation and the removal of the drug from price regulation, leaving the NHS - and ultimately the taxpayer - footing the bill for the substantial price rises.”

Groves did add that the findings from the investigation are provisional and that no conclusion could be drawn that the firm had broken competition law.

Actavis UK’s current owner Teva Pharmaceutical Industries (NYSE:TEVA) has said it will defend the allegations.

Teva recently acquired the division as part of its deal to buy Actavis Generics from US drug giant Allergan (NYSE:AGN).

The move from the CMA is part of a wider crackdown on pharmaceutical firms which deal with the NHS.

Earlier this month, Pfizer (NYSE:PFI) was fined a record £84.2mln by the watchdog after it was adjudged to have overcharged the NHS after hiking the price of an epilepsy drug by 2,600% overnight.

Shares were down 18c to US$36.55 in early deals on Friday.

Fri, 16 Dec 2016 10:14:00 +0000
<![CDATA[News - Teva Pharmaceuticals licenses migraine treatment candidates ]]> Heptares Therapeutics, a subsidiary of Tokyo-based Sosei, has licensed its migraine treatment candidates to Teva Pharmaceutical Industries (NYSE:TEVA).

The heavy hitters from the pharmaceuticals sector have entered into a licensing and drug-discovery agreement under which Teva will receive exclusive global rights to develop, manufacture and commercialize novel, small-molecule calcitonin gene-related peptide (CGRP) antagonists discovered by Heptares for the treatment of migraine.

Heptares will receive an advance payment of US$10mln, and is eligible to receive milestone payments of up to US$400mln, on top of which it will be in line for royalties on net sales of produces resulting from the collaboration.

“CGRP antagonism represents an exciting opportunity to treat migraine. We believe small-molecule CGRP antagonists offer further opportunities that are highly complementary to our promising candidate, TEV-48125, an anti-CGRP antibody,” said Dr Michael Hayden, president of Global Research & Development and the chief scientific officer at Teva.

Malcolm Weir, chief executive officer of Heptares, said: “Teva brings world-leading clinical and commercial expertise in migraine to advance this program based on differentiated small-molecule CGRP antagonists discovered using our novel structure-based drug design technologies. The commitment Teva is making allows us to expand this promising program.”

Wed, 25 Nov 2015 08:24:00 +0000
<![CDATA[News - Teva Pharma to purchase Mexico’s Rimsa for $2.3bn ]]> Teva Pharmaceutical Industries (NYSE:TEVA) rose at midday after the Israeli generic drugs maker agreed to acquire Representaciones & Investigaciones Medicas SA, or Rimsa, for $2.3bn.

ADRs of Teva rose 1.6% to $57.37 at 11:23 a.m. in New York.

The Petah Tikva, Israel-based company said on Thursday Rimsa has an extensive portfolio of drugs, a promising drug pipeline and a well-established market presence to introduce additional Teva products in Mexico and Latin America.

Rimsa had $227mln in sales in 2014.

The purchase will contribute to Teva´s earnings starting from the first quarter of 2017. 

The transaction is expected to complete in the early part of 2016.

Goldman Sachs acted as financial adviser to the North American outfit in the sale.


Thu, 01 Oct 2015 11:30:00 +0100
<![CDATA[News - Teva to buy Allergan for $40.5 bln, drops Mylan bid ]]> Teva Pharmaceutical Industries (NYSE:TEVA), an Israeli drugmaker, agreed to buy Dublin-based Allergan PLC's (NYSE:AGN) generic pharmaceuticals business for $40.5 billion in cash and stock, and dropped its hostile offer for Mylan (NASDAQ:MYL).

Teva will pay $33.75 billion in cash and $6.75 billion worth of shares at today’s price, or about 10 percent of the enlarged company, the Petach Tikva, Israel-based company said in a statement today. Teva said it plans to review its options with respect to the approximately 4.6 percent of Mylan stock that it owns.

The deal, the largest in Israel's corporate history, bolsters Teva’s position as the world’s largest maker of generic drugs, and gives it greater negotiating power with governments and private-health insurers. 

"Through our acquisition of Allergan Generics, we will establish a strong foundation for long-term, sustainable growth, anchored by leading generics capabilities and a world-class late-stage pipeline that will accelerate our ability to build an exceptional portfolio of products - both in generics and specialty as well as the intersection of the two," Teva’s chief executive officer Erez Vigodman said in the statement.

The deal, which is expected to close in the first quarter of 2016, could give the combined company a market value exceeding that of Lilly, which stood at $94 billion on Friday.

Teva also said Monday that it expected to report better-than-expected sales and earnings for the second quarter ended in June. The company projected earnings excluding certain items of $1.43 a share on revenue of $4.97 billion, down 2 percent from a year ago but up 6 percent excluding the impact from currency changes. Analysts, on average, were expecting earnings of $1.31 a share on sales of $4.92 billion.

For 2015, Teva raised its per-share earnings forecast to a range of $5.15 to $5.40, from its previous range of $5.05 to $5.35. Analysts were expecting per-share earnings of $5.20.

ADRs of Teva jumped 8.5 percent to $67.17 at 9:56 a.m. in New York. Shares of Mylan fell 14 percent to $56.56. Shares of Allergan rose 5.5 percent to $326.02.

The Allergan acquisition is the latest in an unprecedented wave of healthcare deals since the start of 2014, stretching from large drugmakers buying up smaller rivals, to consolidation among makers of generic medicines, to tie-ups between insurers. 

Global healthcare M&A so far this year reached $398.5 billion as of July 23, up 80 percent on a year ago, according to Thomson Reuters data.

The second-largest U.S. health insurer, the Blue Cross-Blue Shield carrier Anthem Inc., is buying rival Cigna for $48 billion in a deal that would make it the nation's biggest insurer by enrollment. Aetna Inc., the nation's third-largest insurer, also plans a $35 billion bid for Humana Inc.


Mon, 27 Jul 2015 10:06:00 +0100
<![CDATA[News - As Teva claims initial stake, Mylan continues to refuse takeover advances ]]>

Israeli generic drug giant Teva Pharmaceuticals (NYSE:TEVA), says it has confirmed its intention to buy US drug developer Mylan (NASDAQ:MYL) in a US$40 billion cash and stock offer, by acquiring a 1.35% stake in the target, according to sources cited by Reuters.

Teva’s Board unanimously approved the transaction, which could be finalized by the end of the year. However, Teva will face some obstacles as not have a smooth path as Mylan’s hostile US$34 billion bid for Perrigo Co. (NYSE:PRGO) on April 17 was meant to act as a buttress, making the Canonsburg (PA) run company too big for Teva to swallow.

The merger between the two companies is expected to create a leader in the generics industry with combined revenues of some US$30 billion and earnings of US$9 billion.

Still, last May, Mylan's chief executive Robert Coury said his group’s shareholders had no intention of selling to Teva and that the reverse would be possible in the longer term.

Mylan rejected Teva’s offer, which is the equivalent of US$82/share, not wanting to start discussions at less than $ 100 per share. Moreover, Coury said the offer violated US anti-trust rules by taking a 1.35% stake.

On Monday, Mylan criticized the vagueness surrounding this operation, expressing doubts about Teva's initial stake purchase. Already engaged in a rapprochement with Perrigo laboratory Mylan believes that the Teva is purposely distracting shareholders who must decide on the latter operation:

“It is time for Teva and its board to stop playing games with our company, its business, mission and strategy and its stakeholders….Teva and its board must stop pursuing what amounts to nothing more than an illusory alternative for our shareholders to the Perrigo transaction (as there is no formal offer or clear path to completion for a Teva transaction.)” Coury wrote in a letter to Teva CEO Erez Vigodman.

Teva, one of the world’s largest generic drug developers, also has a range of specialty medicines, including Copaxone for multiple sclerosis and Azilect for Parkinson’s disease. Revenue in 2014 reached $20.3 billion while Mylan, claims to make one out of every 11 drugs prescribed to Americans.

The US pharmaceutical sector has been in ferment over the past year. Mergers and acquisitions in the sector have reached a record high of over US$200 billion in 2014 according to research firm EY (formerly Ernst and Young) as the expiry of patents on best-selling medicines has forced companies to scramble for new medicines.

Indeed, Teva’s best-selling product, Copaxone, a treatment for multiple sclerosis will face increased competition from other generics manufacturers. On April 16, Teva lost an intense legal battle to preserve the patent for its star product, which has allowed the FDA to open the market to Copaxone generics.

In April, Teva bought US drug developer Auspex Pharmaceuticals for US$3.2 billion, expecting that deal to begin contributing revenue in 2016 with the anticipated launch of Austedo.

Teva’s shares rose slightly at 0.03 percent, trading at US$60.60 while Mylan also rose by a similar percentage to trade at US$72.32. 


Wed, 03 Jun 2015 15:31:00 +0100
<![CDATA[News - Teva offers US$40 billion for Mylan to create an industry giant ]]>

After a barrage of rumors, it’s official. Teva (NYSE:TEVA), the Israeli generic drug giant, said it would buy the US drug developer Mylan (NASDAQ:MYL) making a US$40 billion mixed cash and stock offer.

The merger between the two companies is expected to create a leader in the generics industry, with combined revenues of some US$30 billion and earnings of US$9 billion.

Teva, one of the world’s largest generic drug developers, also has a range of specialty medicines, including Copaxone for multiple sclerosis and Azilect for Parkinson’s disease. Revenue in 2014 reached $20.3 billion.

Mylan, claims to make one out of every 11 drugs prescribed to Americans.

The US pharmaceutical sector has been in ferment over the past year, with takeover announcements coming almost every two weeks.

Mergers and acquisitions in the pharma sector have reached a record high of over US$200 billion in 2014 according to research firm EY (formerly Ernst and Young) as the expiry of patents on best-selling medicines has forced companies to scramble for new medicines.

Indeed, Teva’s best-selling product, Copaxone, a treatment for multiple sclerosis will face increased competition from other generics manufacturers. On April 16, Teva lost an intense legal battle to preserve the patent for its star product, which has allowed the FDA to open the market to Copaxone generics.

"Our proposal would provide Teva stockholders with very attractive strategic and financial benefits and Mylan stockholders with a substantial premium and immediate value for their shares, as well as the opportunity to participate in the significant upside potential of the combined company – one that would transform the global generics space and leverage it to hold a unique leadership position in the pharmaceutical industry," said Teva’s President and CEO, Erez Vigodman.

Teva’s Board unanimously approved the transaction, which could be finalized by the end of the year. However, Teva will face some obstacles as not have a smooth path as Mylan’s unsolicited US28.9 billion bid for Perrigo Co. (NYSE:PRGO) on April 17 was meant to act as a buttress, making the Canonsburg (PA) run company too big for Teva to swallow.

Responding to rumors of Teva’s intention to buy Mylan, the latter tom the Wall Street Journal last Friday that the deal would be lacking in "sound industrial logic" while facing hurdles in winning anti-trust clearance.

Just two weeks ago Teva bought the US drug developer Auspex Pharmaceuticals for US$3.2 billion, expecting that deal to begin contributing revenue in 2016 with the anticipated launch of Austedo.

Teva’s shares rose 3.29 percent, trading at US$65.34 while Mylan surged 7.96 percent, trading at US$73.87.



Tue, 21 Apr 2015 10:09:00 +0100
<![CDATA[News - Teva Pharma to acquire Auspex Pharma for $3.5 bln ]]> Teva Pharmaceutical Industries (NYSE:TEVA), Israel’s largest drug company, said it would buy U.S. drug developer Auspex Pharmaceuticals (NASDAQ:ASPX) for $3.5 billion in a move to strengthen its position on central nervous system condition treatments.

Petach Tikva, Israel-based Teva said in a statement today that it will offer $101 per share, representing a premium of 42.4 percent to Auspex's Friday closing price.

Auspex, which is headquartered in San Diego, California, does not yet have a product on the market. Its lead product candidate is Austedo, which is aimed at treating involuntary movement associated with the genetic disorder Huntington’s disease.

Teva, one of the world’s largest generic drug developers, also has a range of specialty medicines, including Copaxone for multiple sclerosis and Azilect for Parkinson’s disease. Revenue in 2014 reached $20.3 billion.

“The acquisition of Auspex is a significant step in strengthening Teva’s leadership position in central nervous system (disorders) and advances us into underserved movement disorder markets,” Teva chief executive officer Erez Vigodman said in a statement. “This transaction represents a first major step with regards to that commitment, and we expect to continue this focus in the future.”

Teva expects the buyout of Auspex to start contributing revenue in 2016 with an anticipated launch of Austedo.

Last year Auspex reported SD-809 showed positive results in a late-stage study of patients with Huntington’s disease. The company plans to submit a new drug application to the U.S. Food and Drug Administration by mid-2015 for SD-809, which has orphan drug designation. Auspex expects to receive regulatory approval and launch the treatment next year in the U.S.

The acquisition is expected to close in mid-2015.

Teva is not taking on any new debt to fund the deal.

The pace of deals among drugmakers has been relentless for more than a year, as the expiry of patents on best-selling medicines forces companies to scramble for new medicines.

ADRs of Teva slid as much as 1 percent in New York premarket trades today, while shares of Auspex surged 42 percent.

Mon, 30 Mar 2015 08:54:00 +0100
<![CDATA[News - Teva Pharmaceutical posts Q3 loss on litigation, other expenses ]]>

Generic drug giant Teva Pharmaceutical Industries (NASDAQ:TEVA) Thursday posted a third-quarter loss on litigation-related expenses, which overshadowed an increase in revenue.

Teva is the world's largest manufacturer generics, a sector that has benefited from surging growth in recent years as patents expire on many highly-prescribed drugs. At the same time, growing competition has pressured generic drug makers' margins.

For the third quarter, the Israel-based company Teva reported a loss of $79 million, or nine cents per share, compared with a year-earlier profit of $916 million, or $1.03 per share. After items, it earned $1.28 per share, excluding items, compared with $1.25 a year earlier.

Revenue rose 14 per cent to $5.0 billion.

Teva was forecast to earn $1.25 per share on revenue of $5.065 billion, according to Thomson Reuters.

"We are pleased to report solid operating results for the quarter and look forward to closing the year within the guidance we provided in May," Teva president and CEO Jeremy Levin said.

"In addition we were also encouraged by results from the ongoing development of both Copaxone and laquinimod and pleased by the approval of Synribo. These successes underpin our commitment to provide the best therapeutic options to multiple sclerosis and other patients worldwide."

In the most recent quarter, the company felt the impact of a $670 million provision for pending patent litigation related to the drug pantoprazole, as well as impairment of $481 million, mostly for ongoing research and development.

Gross margin widened to 52.3 per cent from 51.7 per cent.

Net U.S. revenue grew 33 per cent, on strong gains in both branded and generic sales. Total Europe revenue rose 1 per cent, as generic sales declined and branded sales grew.

Copaxone, the leading multiple sclerosis treatment, posted a 13 per cent rise in sales to $1.05 billion but the injected drug faces competition from oral treatments that are available or expected to hit the market in coming years.

Thu, 01 Nov 2012 11:48:00 +0000
<![CDATA[News - Teva Pharamceutical sells animal health unit to Bayer for $145 mln ]]>

Teva Pharmaceutical Industries (NYSE:TEVA) said Friday it has agreed to sell its animal health unit for $145 million to German-based drug maker Bayer (ETR:BAYN). 

The purchase price includes a $60 million upfront payment, plus another $85 million linked to milestone payments for manufacturing and sales.  

"We are pleased with the sale of our animal healthcare business to Bayer," head of business development of Teva, Itzhak Krinsky, said in a statement.

"We are committed to making disciplined decisions that focus on our core businesses and strategically position the company as setting a new standard in both generic and branded medicines."

The transaction, which is slated to close in 2013, reflects Teva's decision to focus its efforts on human health and core generic drugs. 

Meanwhile, the acquisition lets Bayer expand its companion and food animal product lines in the U.S., bringing a range of drugs to treat infections in livestock. 

Bayer will acquire parasiticides, anti-inflammatory drugs and reproductive hormones like prostamate and ovacyst. 

According to Friday's release, the deal also includes a manufacturing plant in Missouri. About 300 employees will migrate to Bayer.

Teva, which is headquartered in Israel, is a generic drug maker with a product portfolio of over 1,300 molecules. 

It focuses on diseases that affect the central nervous system, as well as on oncology, pain and respiratory, and employs about 46,000 people.

Teva's stock closed Thursday at $40.67 in New York. Shares were inactive in pre-market trade Friday.

Fri, 14 Sep 2012 09:10:00 +0100
<![CDATA[News - U.S. Court backs Teva multiple sclerosis drug patents ]]> Teva Pharmaceuticals' (NYSE:TEVA) stock jumped on the news that a U.S. District Court found two other companies infringed on the drug makers multiple sclerosis medicine, Copaxone.

Teva’s stock jumped $2.33, or 6.13 per cent in morning trade climbing to $40.34 each on the New York Stock Exchange.

The judge rejected Momenta Pharmaceuticals (NASDAQ:MNTA) and Mylan Inc.’s (NASDAQ:MYL) claims that the copaxone patents are invalid and unenforceable. 

The court also ruled the generic versions of copaxone by Momenta and Mylan infringe on those patents.

The Israeli drug maker said Saturday the decision from the U.S. District Court for the Southern District of New York covers several patents, the last of which expires in 2015.

Teva filed a patent suit against Mylan and Momenta accusing these rival pharmaceutical companies of infringing on patents covering the drug’s chemical composition, method of use and the manufacturing process behind the product.

Both Mylan and Momenta were seeking U.S. Food and Drug Administration approval for their generic drugs. The ruling, however, should prevent the FDA from approving generic versions of the drug until May 24, 2014.

In a separate release, Mylan announced on Monday it plans to evaluate their appeal options once the court’s full opinion becomes available.  

"Teva is confident copaxone will remain a proprietary, global market leading product for the reduction of relapses in patients with relapsing-remitting multiple sclerosis over the product’s lifecycle given the strength of its intellectual property rights," Teva chief executive Jeremy Levin said in a statement.

Mon, 25 Jun 2012 10:47:00 +0100
<![CDATA[News - Teva Pharmaceutical says higher dose of MS drug cuts relapses in late-stage trial ]]> Teva Pharmaceutical Industries (NYSE:TEVA) said Thursday that a phase III clinical trial of a longer-acting version of Copaxon reduced relapses from multiple sclerosis more than a placebo.

The clinical trial assessed the efficacy, safety and tolerability of a new 40 milligram dosage of glatiramer acetate injection (GA), or Copaxon, in relapsing-remitting multiple sclerosis (RRMS) patients.

The company said that injecting 40 milligrams of Copaxone three times a week reduced relapse rates by 34.4 per cent compared to a placebo.

Teva markets a 20-milligram daily injection of the drug, which had sales of $3.9 billion last year.

The new dose also maintained a positive safety and tolerability profile. The study recruited more than 1,400 patients at 155 different sites.

Initial analysis of the data also indicates that secondary clinical endpoints were achieved, the Israeli-based company said, with the exception of reduction in brain atrophy.

After the initial 12-month placebo-controlled phase, there will be an ongoing open-label extension of the trial.

“We are pleased with the results of this study that show the potential of 40 mg/1 ml glatiramer acetate to offer patients an effective and safe treatment option with Copaxone using a more convenient dosing regimen,” said Serge Stankovic, Teva’s senior vice president of clinical research.

“We remain focused on the continued research and development of products aimed at improving the treatment experience for patients with MS.”

Copaxone is used to reduce the frequency of relapses in RRMS patients, including those who have experienced a first clinical episode and have MRI features consistent with multiple sclerosis.

The drug is approved in more than 50 countries, including the United States, Russia, Canada, Mexico, Australia, Israel, and all European countries.

Teva is an Israel-based global pharmaceutical and drug company that develops, produces and markets generic drugs in 60 countries, with operations across North and Latin America, Europe and Asia.

The company focuses on CNS, oncology, pain, respiratory and women's health therapeutic areas as well as biologics. It reported sales of $18.3 billion in 2011.

Thu, 14 Jun 2012 13:09:00 +0100
<![CDATA[News - Teva Pharmaceutical Q1 earnings beat forecasts on U.S. drug sales ]]> Generic drugs giant Teva Pharmaceutical Industries Ltd. (NASDAQ:TEVA) posted a jump in quarterly profit that beat estimates,
boosted by strong sales of its products and generic medicines in the U.S.

For the first three months of 2011, Teva reported net income reached $859 million, or 97 cents per share, from $761 million, or 84 cents, in the year-earlier quarter. Adjusted earnings were $1.47 per share compared with $1.04.

Revenue totaled $5.1 billion compared with $4.08 billion.

A survey of analysts by FactSet Research produced consensus estimates of profit of $1.44 per share on revenue of $5.51 billion.

"We enjoyed a quarter of strong growth for our branded products, in our U.S. generics business, and in the developing markets Teva operates in," said Teva's outgoing president and chief executive Shlomo Yanai.

"All of these served to offset weaker generics sales in Europe, which resulted primarily from the macro-economic conditions in
that region."

U.S. sales, rose 46 percent in the quarter to $2.8 billion largely due to the launch of seven new products from its acquisition of Cephalon. European sales dipped 2 percent to $1.3 billion.

Geographically, revenue was spread 54 percent in the U.S., 26 percent in Europe and 20 percent elsewhere. Revenue from generic drugs rose 12 percent while revenue on the branded-products side advanced 54 percent.

Global revenue from Copaxone, the multiple-sclerosis medication, rose 8 percent to $909 million. The injected drug faces competition from a variety of oral treatments that are available or are expected to hit the market in coming years.

Overall, Teva's branded drug sales grew 12 percent to $2.6 billion.

Teva declared a quarterly cash dividend of 1 shekel (26.3 cents) per share, identical to the fourth quarter of 2011.

Yanai stepped down after five years in the job and is passing the reins to Jeremy Levin, a former senior executive at Bristol-Myers Squibb.

Wed, 09 May 2012 08:20:00 +0100
<![CDATA[News - Teva Q3 earnings beat estimates, trims full-year outlook ]]> The world's biggest generic drug maker Teva Pharmaceutical (NASDAQ:TEVA) Wednesday posted lower third-quarter earnings that beat profit estimates, with strong European sales offsetting a lack of launches in its US generics drug arm.

For the period that ended September 30, net earnings excluding items fell to $1.11 billion, or $1.25 per share, compared with $1.18 billion, or $1.30 per share a year earlier.

Sales rose 2 percent to $4.34 billion. Analysts were expecting earnings of $1.22 per share on revenue of $4.52 billion, according to Thomson Reuters.

Teva's president and CEO, Shlomo Yanai, said: "The third quarter produced an overall mixed performance. We had strong European and international generic sales, combined with strong results from our branded units. This helped to offset our US generics business, which lacked any significant new launches."

Revenue in North America fell 20 percent, while revenue in Europe grew 34 percent during the quarter.

Global sales of Copaxone, Teva's branded treatment for multiple sclerosis which faces increasing competition, grew 26 percent to a record $1.02 billion in the quarter.

Looking ahead, Teva said it expects full-year adjusted earnings of between $4.92 to $5.02 per share, compared to the prior range of $4.90 to $5.20 per share.

Analysts polled by Thomson Reuters expect the company to report earnings of $5.03 per share for the year.

The revised outlook includes an adjusted earnings per share contribution of about $0.15 from the consolidation of the $6.5 billion Cephalon acquisition, which closed in mid-October.

The company now expects net sales for the full year between $18.3 and $18.6 billion, compared to the previous range of $18.5 to $19 billion. Analysts have a consensus revenue estimate of $18.48 billion.

Teva stated that the new revenue outlook reflects, in addition to the consolidation of Cephalon, uncertainty about the timing of the regulatory approval and commercial launch in the US of an important undisclosed generic product.

NASDAQ-listed Teva said it will pay a quarterly dividend of 21.9 cents on November 14.

Shares were up 1.4 percent Wednesday afternoon to $39.63.

Wed, 02 Nov 2011 13:44:00 +0000
<![CDATA[News - Teva buys remainder of Japanese JV for $150 million ]]> Teva Pharmaceutical Industries (NASDAQ:TEVA) said Monday that it bought out its partner in a Japanese joint venture for $150 million to focus on building its presence in the world's second-biggest drug market.

With this latest transaction, Teva said its operations in Japan are expected to generate annual sales in excess of $800 million.

Teva acquired the 50% stake held in the venture by Kowa, bringing Teva's holding to 100%, the world's largest maker of generic drugs said.

Teva President and CEO Shlomo Yanai said: "Full ownership of all our activities including Taiyo will allow us to better grow our business in Japan."

"With this stronger platform, Teva will be in a better position to further drive penetration of high quality generic pharmaceuticals in Japan and make better healthcare accessible to the Japanese people."

Teva formed the joint venture with Kowa in September 2008. In 2010 the venture posted revenues of $200 million.

Earlier this summer, Teva bought Taiyo Pharmaceutical Industry Co for $934 million, adding over 550 products to Teva's portfolio. Taiyo is the third-largest generic drug manufacturer in Japan with sales of $530 million in 2010.

Mon, 26 Sep 2011 09:30:00 +0100
<![CDATA[News - Teva posts positive results from phase 3 study for hay fever spray ]]> Generic drug maker Teva Pharmaceutical Industries (NASDAQ: TEVA) announced Wednesday positive results from a phase III study for its drug Qnaze, a nasal spray to treat seasonal and year-round hay fever.

Results from testing 470 patients with year-round hay fever, or perennial allergic rhinitis (PAR), showed the drug met both primary and secondary goals of the randomized trial. Israel-based Teva said Qnaze showed significantly greater relief of nasal symptoms compared to placebo, including runny nose, congestion, itching and sneezing, over a six week period.

These results follow Teva's phase III trial data for seasonal hay fever patients, which also showed significant improvements in nasal symptoms compared to placebo, the company said.

Teva also said that in both trials, Qnaze was found to be safe and well-tolerated.

"As Teva continues to expand its presence in the respiratory category, we remain committed to addressing the unmet needs among the 60 million patients in the U.S. who suffer with allergic rhinitis," said Teva's group vice president of global branded products, Yitzhak Peterburg.

The company's nasal spray is an alternative to the currently available wet sprays, as Qnaze is a non-aqueous formulation.

In the U.S., hay fever is prevelent in an estimated 20% of the general adult population and closer to 40% in children.

Wed, 09 Feb 2011 12:36:00 +0000
<![CDATA[News - Teva Pharmaceutical and APP team up to launch generic cancer drug in US ]]> Israel-based Teva Pharmaceutical Industries (Nasdaq: TEVA) and APP Pharmaceuticals announced Wednesday they agreed to commercially launch a generic version of Eli Lily's Gemzar, an injectable chemotherapy drug used to treat different types of cancer.

Under the agreement between the two companies, APP will manufacture the drug and will receive a license from Teva to market the product within the 180-day exclusivity period in the US. In return, Teva will receive a royalty during the manufacturing term.

"We are pleased to enter into this agreement with APP, which allows us to accelerate the availability of this important generic product," said senior vice president of commercial operations at Teva, Tim Crew.

Annual sales of Eli Lilly's Gemzar were approximately $785 million in the US in 2010, based on recent sales data.

In a separate statement today, Teva also announced that it acquired Corporacion Infarmasa, a Peru-based pharma company that manufactures and commercializes generic drugs, primarily corticosteroids, antihistamines, analgesics and antibiotics. Its portfolio consists of over 600 registered products, of which over 500 are currently marketed.

Teva is the world's largest generic drug maker, with a global product portfolio of more than 1,250 molecules and a presence in approximately 60 countries. Its sales reached $13.9 billion in 2009. Teva's shares rose nearly 3% on Wednesday to trade at $56.17 as of 3:30pm EST.

APP, a pharmaceutical company that develops injectable drugs, is a wholly owned subsidiary of Fresenius Kabi Pharmaceuticals Holding (NASDAQ: APCVZ).

Wed, 26 Jan 2011 20:32:00 +0000
<![CDATA[News - Champions Biotechnology signs development deal with Teva Pharmaceutical for anti-cancer compound ]]> Drug development company Champions Biotechnology (OTCBB: CSBR) said Monday that it has signed an agreement with Teva Pharmaceutical Industries (Nasdaq:Teva) to further develop a clinical compound for various cancer indications.

Under the terms of the development deal, Champions will use its Tumorgraft predictive platform to test the effectiveness of Teva's anti-angiogenic compound, designed to work by blocking the tumour's blood supply.

"The use of our highly-predictive Champions Tumorgraft platform will provide Teva with the data necessary for critical drug development decisions and help focus and accelerate the development program for this compound," said vice president of scientific operations at Champions, Elizabeth Bruckheimer, Ph.D.

Currently, there are several anti-angiogenic compounds approved for colorectal, breast, and lung cancer, and Teva is working on approving these compounds for other cancer indications as well.

The Tumorgraft platform is based on the implantation of primary human tumors in immune deficient mice. The resulting engraftments are propogated in a manner that preserves the biological characteristics of the original human tumor.

Unlike traditional xenografts, Tumorgrafts' response to drugs is predictive of clinical outcomes in cancer patients.

Mon, 06 Dec 2010 14:17:00 +0000
<![CDATA[News - AstraZeneca and Teva Pharmaceuticals settle patent dispute over generic version of Entocort EC ]]> London listed pharmaceutical giant AstraZeneca (LSE:AZN) has settled a patent dispute with US listed Teva Pharmaceuticals (NASDAQ:TEVA) related to a proposed generic version of AstraZeneca’s Entocort EC capsules.

Entocort CR capsules contain the active ingredient budesonide, which is a type of medicine known as a corticosteroid. Budesonide is a synthetic steroid that has an anti-inflammatory effect. It is used to reduce inflammation associated with the inflammatory bowel disease.

Under the terms of the settlement agreement, AstraZeneca has granted Teva a license to enter the US market with its generic version of the drug on 15 February 2012.

Teva has also conceded that both patents-in-suit in Teva's US Entocort patent litigation are valid and enforceable.

Teva has additionally conceded that both Entocort patents-in-suit would be infringed by the manufacture or sale of Teva's generic version of oral budesonide.

Other terms of the settlement have not be disclosed.

Tue, 18 May 2010 12:31:00 +0100
<![CDATA[News - AstraZeneca settles Nexium and Prilosec patent litigation with Teva Pharmaceutical ]]> AstraZeneca (LSE: AZN) settled its patent litigation with Teva Pharmaceutical Industries (NASDAQ: TEVA) in respect of Teva's proposed generic version of AstraZeneca's Nexium delayed-release capsules (esomeprazole magnesium). The US generic drug-maker conceded that all patents-at-issue in Teva's US Nexium patent litigations are valid and enforceable.

As part of the agreement, AstraZeneca granted Teva a license to enter the US market with its generic esomeprazole on 27 May 2014.

Teva also conceded that six Nexium patents would be infringed by the manufacture or sale of its generic esomeprazole. The US District Court for the District of New Jersey will enter a Consent Judgment and corresponding Nexium patent litigations will be dismissed.

Nexium is used to treat stomach ulcers and stomach acid reflux, esomeprazole is a proton pump inhibitor, which reduces the production of stomach acid.

Additionally In a separate agreement, AstraZeneca and Teva settled patent litigation relating to heartburn treatment Prilosec (omeprazole), whereby Teva will make a one-time payment to AstraZeneca for past infringements. However the terms of this agreement are not financially material to AstraZeneca.

Thu, 07 Jan 2010 08:46:00 +0000