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|February 14, 2001 11:26 a.m.|
|Teva Concludes Strategic Agreements with Aventis to Acquire TMP, and with Lundbeck to Extend the Existing Cooperation to Oral Copaxone®|
|Jerusalem, Israel, February 14, 2001 - 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® 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® 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® 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® the fastest growing multiple sclerosis therapy in North America. We are confident that Teva Neuroscience's people and expertise will leverage Copaxone®'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®. The CORAL study of oral Copaxone®, 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® Web site and Shared Solutions patient support program. Teva Neuroscience will continue its efforts to enhance the management of multiple sclerosis.
The marketing of injectable Copaxone® 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® 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.