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February 16, 2005 10:02 a.m.
Teva and Gamida-Cell Will Develop and Commercialize StemEx® for the Treatment of Leukemia

Preparations Underway to Commence Phase II/III Study

Jerusalem, Israel, February 16, 2005 - Teva Pharmaceutical Industries Ltd. and
Gamida-Cell Ltd. announced today that Teva exercised the option to enter into a joint
venture with Gamida-Cell Ltd. to develop and commercialize StemEx® for the
treatment of Leukemia and Lymphoma. As part of the investment in Gamida-Cell in
2003, Teva held an option to jointly complete the development and globally
commercialize StemEx®. Teva will invest under certain conditions up to $25 million
in the joint venture.

Currently, only 15% of patients requiring bone marrow transplantation, who do not
have genetically matched relatives, are able to find matching donors. StemEx®
developed by Gamida-Cell, based on inventions made in the Hadassah hospital in
Jerusalem, is cord blood highly enriched with stem cells. StemEx® has the potential to fulfill a life saving unmet need for the majority of the patients who cannot find
matching donors. This was shown by data from the recent Gamida-Cell Phase I/II
study presented at the annual conference of the American Society for Hematology
(December 2004).

Mr. Israel Makov, President and CEO of Teva Pharmaceutical Industries said, "The
investment and exercise of the option with Gamida-Cell are part of Teva's strategy to
enter into the field of Cell-Therapy. As part of this strategy Teva led the Israeli cell
therapy consortium "Genesis", and in addition to Gamida-Cell, invested in Proneuron,
an Israeli company developing cell-based therapies for complete spinal cord injury.
Teva believes in the potential of Cell Therapy and is committed to bringing to the
world market new therapies based on Israeli science."

Teva and Gamida plan to meet the Food and Drug Administration and other
regulatory agencies in order to finalize the parameters for the pivotal study. The
companies hope to initiate this study in the second half of 2005.

"Gamida-Cell is pleased to continue and expand the collaboration with TEVA. It is
our intention to begin the pivotal Phase II/III study of StemEx® and secure fast track
designation," said Gamida-Cell CEO Mr. Ehud Marom. "The execution of our
agreement with Teva places Gamida-Cell in the lead of the emerging, multi billion
dollar Cell Therapy market."

Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among the top 25
pharmaceutical companies and among the largest generic pharmaceutical companies
in the world. The company develops, manufactures and markets generic and
innovative human pharmaceuticals and active pharmaceutical ingredients. Close to
90% of Teva's sales are in North America and Europe.

Gamida-Cell Ltd. ( is a leader in the expansion of
hematopoietic (blood) stem cell therapeutics in clinical development for cancer and
autoimmune diseases, as well as future regenerative cell-based medicines including
cardiac and pancreatic repair. Major shareholders are Elscint (Europe-Israel),
Biomedical Investments, Denali Ventures, Teva, Auriga Ventures, Pamot and

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 management's current beliefs and 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 or license their own generic products (so called "authorized generics") or successfully extend the exclusivity period of their branded products, the effects of competition on Copaxone® sales, including potential competition from the expected launch of Tysabri®/Antegren®, Teva's ability to rapidly integrate the operations of acquired businesses, including its acquisition of Sicor Inc., regulatory changes that may prevent Teva from exploiting exclusivity periods, potential liability for sales of generic products prior to completion of appellate litigation, including that relating to Neurontin, 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, European Medicines Association and other regulatory authority approvals, the regulatory environment and changes in the health policies and structure of various countries, Teva's ability to successfully identify, consummate and integrate acquisitions, exposure to product liability claims, dependence on patent and other protections for innovative products, significant operations outside the United States that may be adversely affected by terrorism or major hostilities, 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. 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.