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|September 30, 1999 10:33 a.m.|
|Teva Pharmaceutical Industries Ltd. And Bio-Technology General Corp. Announce Strategic Alliance In The Development And Worldwide Commercialization Of Generic Biotechnology Products|
|Jerusalem, Israel, September 30, 1999 -- Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) and Bio-Technology General Corp. (Nasdaq: BTGC) announced that they have entered into a strategic alliance that will focus on the development and global commercialization of several generic recombinant therapeutic products. |
The agreement provides for each of the two companies to capitalize on their particular strengths. BTG's primary role will be to develop and manufacture the products, and Teva will have exclusive marketing rights.
The agreement calls for Teva to make payment to BTG of up to US $20 million for product rights and milestone payments.
Teva's President and Chief Executive Officer, Mr. Eli Hurvitz, commented, "Teva views this agreement as an important step, and a broadening of our activities in the continuously developing generic biotechnology area."
Dr. Sim Fass, Chairman and Chief Executive Officer of BTG, added, "We look forward to a most productive relationship with Teva and to the eventual introduction of the products to be developed for markets worldwide. We consider this alliance highly complementary to our overall mission and challenge of developing and introducing innovative, proprietary pharmaceuticals."
Bio-Technology General Corp., a leading biopharmaceutical company, develops, manufactures and markets genetically engineered and other products for human health care. BTG's products are marketed in over thirty countries worldwide.
Teva Pharmaceutical Industries Ltd. is a fully integrated pharmaceutical company producing drugs in all major therapeutic categories, with a leading presence in the U.S. generics market. As the largest pharmaceutical company in Israel, Teva Pharmaceutical Industries Ltd. has successfully utilized its integrated production and research capabilities to establish a worldwide pharmaceutical business focusing on the growing demand for generic drugs and the opportunities for proprietary branded products for niche therapeutic categories. Through its indirect wholly owned subsidiary Teva Pharmaceuticals USA, Inc., Teva Pharmaceutical Industries Ltd. is among the leading generic drug companies in the United States.
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 U.S. Securities and Exchange Commission.