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|January 01, 2012 11:00 p.m.|
|Teva Announces Management Succession|
The plan is the result of a decision by Mr. Yanai to move on to a new phase in his career after five years as President and CEO of Teva, during which he led a growth strategy that has taken the company from an
The Board conducted an extensive search process and concluded that Dr. Levin, with his recognized strategic vision and deep knowledge of the pharmaceutical industry is the right person to lead Teva going forward. He has the demonstrated track record, broad global experience, and impressive leadership skills to continue to grow Teva.
Dr. Levin has more than 25 years of experience in the global pharmaceuticals industry, leading companies and people in the creation, development and delivery of medicines. He is recognized as a leader in creating commercial and R&D alliances. He joined
"Dr. Levin is an exceptionally talented business leader with a deep understanding of the opportunities and challenges of the pharmaceutical industry," said Dr. Frost. "He brings to Teva a wealth of experience and the hands-on skills required to foster the growth of a global pharmaceutical business. As a business leader and as a physician, he is passionately committed to bringing effective treatments to patients, worldwide. His combination of vision, creative energy and an effective team-building management style make him an ideal choice to lead Teva into its next growth phase."
Dr. Frost continued, "During his tenure,
Dr. Levin commented, "I have known and admired Teva for many years, not just as a global leader in generic drugs, but as an outstanding innovator in pharmaceutical development and new strategic approaches to serve patients worldwide. Demographic trends and economic pressures in developed and emerging markets are intensifying the challenge to provide good medicines at affordable prices. Teva, with its multiple platforms in generics, branded, and OTC drugs, is in an especially good position to meet this challenge. It will be a privilege to work with the talented and dedicated people of Teva to fulfill this mission.
"I have had a marvelous experience at
"Over the past five years, Teva has been transformed from a successful generics business into a major global pharmaceutical company," said
Teva will host a conference call to introduce Dr.
Teva's Safe Harbor Statement under the
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 our 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 risks relating to: our ability to successfully develop and commercialize additional pharmaceutical products, the introduction of competing generic equivalents, the extent to which we may obtain U.S. market exclusivity for certain of our new generic products and regulatory changes that may prevent us from utilizing exclusivity periods, potential liability for sales of generic products prior to a final resolution of outstanding patent litigation, including that relating to the generic version of Protonix®, the extent to which any manufacturing or quality control problems damage our reputation for high quality production, the effects of competition on sales of our innovative products, especially Copaxone® (including potential generic and oral competition for Copaxone®), the impact of continuing consolidation of our distributors and customers, our ability to identify, consummate and successfully integrate acquisitions (including the acquisition of Cephalon), interruptions in our supply chain or problems with our information technology systems that adversely affect our complex manufacturing processes, intense competition in our specialty pharmaceutical businesses, any failures to comply with the complex