View printer-friendly version
« Back
April 05, 2000 3:21 p.m.
Teva Announces Completion of Novopharm Acquisition

Jerusalem, Israel, April 5, 2000 - Teva Pharmaceutical Industries Ltd, (Nasdaq: TEVA) announced today that it has completed the previously announced acquisition of Novopharm Ltd. Novopharm is the second largest generic drug company in Canada and has substantial operations in the United States and Hungary.

Under the terms of the transactions, and as previously disclosed, Dan Family Holdings, the sole shareholder of Novopharm received equity securities representing approximately 6.2% of Teva's outstanding shares. Initially, approximately 6.2 million of such securities will be in the form of exchangeable shares in a Canadian subsidiary of Teva, which are exchangeable into an equal number of Teva Ordinary Shares, with the balance of approximately 2.1 million securities being issued in the form of Teva Ordinay Shares. Under the rules of the Tel-Aviv Stock Exchange, all the securities will initially be held by a trustee in Israel, to be released in installments over the next 18 months.

Teva also announced today that it had signed an agreement with the Hungarian Privatization Authority for the acquisition of a 25% interest in Human Serum & Pharmaceutical Manufacturing Co. Ltd. for $8 million, in cash. Novopharm already owns 55% of Human. The balance of Human's shares are traded on the Budapest Stock Exchange.

Teva Pharmaceutical Industries Ltd., is Israel's largest pharmaceutical company, with more than 80% of its sales outside Israel, mainly in the United States and Europe. The Company develops, manufactures and markets generic and branded human pharmaceuticals and active pharmaceutical ingredients.




Safe Harbor Statement under the U. S. Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which express the current 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 Teva'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 Teva's ability to successfully develop and commercialize additional pharmaceutical products, the introduction of competitive generic products, the impact of competition from brand-name companies that sell their own generic products or successfully extend the exclusivity period of their branded products, Teva's ability to rapidly integrate the operations of acquired businesses, the availability of product liability coverage in the current insurance market, the impact of pharmaceutical industry regulation and pending legislation that could affect the pharmaceutical industry, the difficulty of predicting U.S. Food and Drug Administration ("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, 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, exposure to product liability claims, dependence on patent and other protections for innovative products, fluctuations in currency, exchange and interest rates, operating results and other factors that are discussed in Teva's Annual Report on Form 20-F and its other filings with the U.S. Securities and Exchange Commission ("SEC"). Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.