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|October 19, 1999 10:34 a.m.|
|Teva Pharmaceutical confirms discussions to acquire Novopharm Ltd.|
|Jerusalem, Israel, October 19, 1999 - Teva Pharmaceutical Industries Ltd. announced today that it is in advanced discussions regarding the acquisition of Novopharm Ltd. by Teva in a transaction involving Teva shares as consideration. Novopharm is one of the leading generic companies in Canada with substantial generic operations also in the U.S and Hungary. Any such transaction would be subject to the completion of definitive documentation, regulatory approvals in Canada, the U.S. and Hungary and Israeli law requirements. Teva does not intend to issue any further comments on these discussions unless and until mutually satisfactory final documentation has been signed. No assurances can be given that any such discussions will result in an agreement. |
Teva's management expects this transaction, if completed, to further enhance Teva's position in the North American generic market specifically, as well as the global generic market in general, and expects it to be accretive within the first year after completion.
Teva Pharmaceutical Industries Ltd., is Israel's largest pharmaceutical company, with 80% of its sales outside Israel, mainly in the United States and Europe. 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 U.S. Securities and Exchange Commission.