|View printer-friendly version|
|March 25, 1999 10:20 a.m.|
|Teva enters into settlement agreement|
|Jerusalem, Israel, March 25, 1999 -- Teva Pharmaceutical Industries Ltd., (Nasdaq: TEVIY) is pleased to announce that it has entered into a settlement agreement with respect to two class actions filed in the Tel Aviv District Court against the Company, by holders of Company warrants. These warrants, which were offered in Israel to residents of Israel only, expired on December 31, 1991. |
Under the terms of the agreement, the claimants will receive up to $9.3 million in cash compensation from Teva's insurers and will be entitled to exercise a portion of the original warrants, which based on today's share price would have a diluted effect of less than 0.25 %.
The settlement agreement brings to an end a long and complicated litigation, without any party admitting or accepting any claims of the other party.
The agreement is subject to the final approval of the district court in Tel Aviv. Execution of the settlement agreement is expected to take up to 7 months, pending publication of necessary notices to the classes, expiration of appeal periods, et al.
Teva Pharmaceutical Industries Ltd., is Israel's largest pharmaceutical company, with three quarters of its sales outside Israel, mainly in the United States. The Company develops, manufactures, and markets generic and branded human pharmaceuticals, active pharmaceutical ingredients, medical disposables and veterinary products.
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 , the impact of the year 2000 issue and other factors that are discussed in the Company's Annual Report on Form 20-F and the Company's other filings with the US Securities and Exchange Commission.