Teva Enters Agreement with Handok to Establish Business Venture with Significant Presence in Korean Pharmaceutical Market

  Teva Enters Agreement with Handok to Establish Business Venture with
  Significant Presence in Korean Pharmaceutical Market

   - First commercial deal for Teva in East Asian territory outside Japan -
        - Pharmaceutical market in South Korea worth USD 14 billion –

Business Wire

JERUSALEM & SEOUL, Korea -- December 16, 2012

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) and Handok Pharmaceuticals
Co., Ltd. (KRX: 002390) announced today their agreement to establish a
business venture in South Korea, allowing Teva to gain entrance into the
Korean pharmaceutical market, currently valued at approximately USD 14
billion. Under the terms of the agreement, Teva will contribute its global
resources, with responsibilities for manufacturing and supplying a wide range
of affordable and innovative medicines. Handok’s primary responsibility will
be in sales and marketing, distribution, and regulatory affairs. Teva will
have a controlling stake in the new business venture, with a profit split of
51%/49% to Teva and Handok, respectively.

"This is another significant step in our strategy to expand Teva’s presence in
growing markets and excluding Japan, this is our first alliance in East Asia,”
commented Prof. Itzhak Krinsky, Chairman of Teva Japan, Chairman of Teva South
Korea and Head of Business Development Asia Pacific. “By utilizing Teva’s
broad portfolio, R&D capabilities and its global infrastructure and know-how
coupled with Handok’s expertise and strong reputation in Korea, Teva and
Handok plan to assume a prominent position in the Korean pharmaceutical
market. The business venture will enable patients to gain more access to the
treatments they need including innovative therapies, such as our multiple
sclerosis treatment Copaxone® and branded generics.”

"We are glad to open up new business opportunities through this business
venture with Teva, which has a broad, unparalleled portfolio of innovative
specialty therapeutics, generics, biosimilars and innovative medicines,”
stated Young-jin Kim, Handok’s CEO. “We expect this business venture to
contribute greatly to the Korean pharmaceutical industry by supplying
medicines at more affordable prices and providing innovative treatment
solutions for CNS, respiratory and women’s health.”

The Teva-Handok business venture is expected to commence activities in the
next few months, subject to receipt of applicable regulatory approvals.
Financial details of this agreement are not being disclosed.

About Teva

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) is a leading global
pharmaceutical company, committed to increasing access to high-quality
healthcare by developing, producing and marketing affordable generic drugs as
well as innovative and specialty pharmaceuticals and active pharmaceutical
ingredients. Headquartered in Israel, Teva is the world's largest generic drug
maker, with a global product portfolio of more than 850 molecules and a direct
presence in about 60 countries. Teva's branded businesses focus on CNS,
oncology, pain, respiratory and women's health therapeutic areas as well as
biologics. Teva currently employs approximately 46,000 people around the world
and reached $18.3 billion in net revenues in 2011.

About HANDOK Pharmaceuticals

HANDOK, a leading innovation-driven pharmaceutical/healthcare company in
Korea, develops, manufactures and distributes healthcare solutions to improve
health and quality of life for all. Handok has a core business focus in
diabetes, cardiovascular, oncology, human vaccines, medical devices,
diagnostics and consumer health. Handok, founded in 1954, has grown as a joint
venture with Hoechst/Aventis/Sanofi and has established strategic
collaborations in several areas with multiple multinational pharmaceutical
companies. For more information, please visit http://www.handok.co.kr

Teva’s 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 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 develop and
commercialize additional pharmaceutical products, competition from the
introduction of competing generic equivalents and the impact of increased
governmental pricing pressures, the effects of competition on revenues of our
innovative products, especially Copaxone® (including competition from
innovative orally-administered alternatives, as well as from potential generic
equivalents), potential liability for revenues 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 we may obtain U.S.
market exclusivity for certain of our new generic products, the extent to
which any manufacturing or quality control problems damage our reputation for
high quality production and require costly remediation, our ability to
identify, consummate and successfully integrate acquisitions (including the
acquisition of Cephalon), our ability to achieve expected results through our
innovative R&D efforts, dependence on the effectiveness of our patents and
other protections for innovative products, intense competition in our
specialty pharmaceutical businesses, uncertainties surrounding the legislative
and regulatory pathway for the registration and approval of
biotechnology-based products, our potential exposure to product liability
claims to the extent not covered by insurance, any failures to comply with the
complex Medicare and Medicaid reporting and payment obligations, our exposure
to currency fluctuations and restrictions as well as credit risks, the effects
of reforms in healthcare regulation and pharmaceutical pricing and
reimbursement, adverse effects of political or economical instability, major
hostilities or acts of terrorism on our significant worldwide operations,
increased government scrutiny in both the U.S. and Europe of our agreements
with brand companies, interruptions in our supply chain or problems with our
information technology systems that adversely affect our complex manufacturing
processes, the impact of continuing consolidation of our distributors and
customers, the difficulty of complying with U.S. Food and Drug Administration,
European Medicines Agency and other regulatory authority requirements,
potentially significant impairments of intangible assets and goodwill,
potential increases in tax liabilities resulting from challenges to our
intercompany arrangements, the termination or expiration of governmental
programs or tax benefits, any failure to retain key personnel or to attract
additional executive and managerial talent, environmental risks and other
factors that are discussed in our Annual Report on Form 20F for the year ended
December 31, 2011 and in our other filings with the U.S. Securities and
Exchange Commission.

Contact:

Teva Pharmaceutical Industries Ltd.
IR:
United States
Kevin C. Mannix, 215-591-8912
or
United States
Joseph Marczely, 267-468-4281
or
Israel
Tomer Amitai, 972-3-926-7656
or
PR:
Israel
Hadar Vismunski-Weinberg, 972-3-926-7687
or
United States
Denise Bradley, 215-591-8974
 
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