Teva Announces Termination of Agreements with CureTech
JERUSALEM -- January 31, 2013
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) announced today the
termination of its collaboration with CureTech Ltd.
"We are in the process of conducting a disciplined review of our pipeline. As
we looked closely at CT-011 and the most recent clinical and biochemical data,
we have made the strategic decision to invest our resources elsewhere where we
can have the most impact for patients,” stated Dr. Michael Hayden, President
and CEO of R&D and Chief R&D Officer.
CT-011 is a humanized monoclonal antibody being developed as a treatment for
hematological malignancies and solid tumors. CT-011 was assessed in several
phase I and II clinical studies in various cancer indications including
diffuse large B-cell lymphoma (DLBCL), colon cancer, metastatic melanoma and
additional investigator initiated studies.
Teva entered into agreements with CureTech in 2006. Teva intends to book a
noncash net charge of $109 million as a result of the impairment of its
investment in CureTech.
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 leading generic drug
maker, with a global product portfolio of more than 1,000 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.
Teva's Safe Harbor Statement under the U. S. Private Securities Litigation
Reform Act of 1995:
The following discussion and analysis contains forward-looking statements,
which express the current beliefs and expectations of management. Such
statements 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 due to increased
governmental pricing pressures, the effects of competition on sales of our
innovative medicines, especially Copaxone® (including competition from
innovative orally-administered alternatives as well as from potential generic
equivalents), potential liability for sales of generic medicines prior to a
final resolution of outstanding patent litigation, including that relating to
our generic version of Protonix®, the extent to which we may obtain U.S.
market exclusivity for certain of our new generic medicines, 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, our ability to
achieve expected results through our innovative R&D efforts, dependence on the
effectiveness of our patents and other protections for innovative medicines,
intense competition in our specialty pharmaceutical businesses, uncertainties
surrounding the legislative and regulatory pathway for the registration and
approval of biotechnology-based medicines, 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
instability and adverse economic conditions, 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 20-F for the year ended December 31, 2011 and in
our 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 we undertake no obligation to update any forward-looking statements or
other information contained in this report, whether as a result of new
information, future events or otherwise.
Teva Pharmaceutical Industries Ltd.
Kevin C. Mannix, (215) 591-8912
Tomer Amitai, 972 (3) 926-7656
Hadar Vismunski-Weinberg, 972 (3) 926-7687
Denise Bradley, (215) 591-8974
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