Teva Announces Sale of Sellersville, PA Facility
02 Mars 2015 - 2:22PM
Business Wire
Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) today announced
that it has signed an agreement to sell its Sellersville,
Pennsylvania facility to G&W Laboratories, Inc. This sale
supports its plans to streamline operations by reducing excess
manufacturing capacity and is part of the Company’s previously
announced cost reduction program.
The sale includes all buildings, land, and equipment located at
the site. Under the terms of the agreement, G&W will
manufacture and supply products to Teva from the site until
production of these products is transferred to other sites in
Teva's network. Additionally, G&W will offer employment to all
employees located at Sellersville.
The transaction includes the sale to G&W of approximately 25
products from the Teva portfolio, which will be manufactured and
sold by G&W in the U.S. under the G&W label. Further, the
transaction includes the grant to G&W of exclusive rights to
sell up to two additional Teva products in the U.S. under G&W's
label, which Teva will continue to manufacture at its Zagreb,
Croatia facility. The transaction is expected to close in March or
April 2015, after the appropriate regulatory review and the
satisfaction of certain closing conditions.
“Teva is managing its operations to create greater efficiencies
and position the company for long-term growth and success. We have
a qualified and dedicated team at Sellersville and are pleased that
we were able to come to an agreement with G&W Laboratories that
will enable them to continue working in their current community,”
stated Carlo de Notaristefani, President and CEO of Teva Global
Operations.
“G&W is pleased to have reached an agreement with
Teva to acquire the Sellersville facility; obtain rights to
more than 25 products; and employ a highly dedicated and
experienced work force. Under the agreement, G&W will provide a
number of products to Teva that will continue to be manufactured at
the acquired site. The acquisition of the Sellersville facility and
products strengthens our long-term relationship with Teva, and fits
with our strategy of acquiring platforms from which we can grow the
business and expand our product and dosage offering,” stated Dr.
Aaron Greenblatt, Executive Vice President and Chief Commercial
Officer of G&W Laboratories, Inc.
The Sellersville site currently produces generic drugs with a
portfolio of more than 50 products manufactured as solid dose forms
(tablets and capsules), liquids, creams and ointments.
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE:TEVA) is a
leading global pharmaceutical company that delivers high-quality,
patient-centric healthcare solutions to millions of patients every
day. Headquartered in Israel, Teva is the world’s largest generic
medicines producer, leveraging its portfolio of more than 1,000
molecules to produce a wide range of generic products in nearly
every therapeutic area. In specialty medicines, Teva has a
world-leading position in innovative treatments for disorders of
the central nervous system, including pain, as well as a strong
portfolio of respiratory products. Teva integrates its generics and
specialty capabilities in its global research and development
division to create new ways of addressing unmet patient needs by
combining drug development capabilities with devices, services and
technologies. Teva's net revenues in 2014 amounted to $20.3
billion. For more information, visit www.tevapharm.com.
About G&W
G& W Laboratories, Inc., based in South Plainfield, NJ, is a
family owned business which was founded in 1919 by Carl Greenblatt,
after his return from military service as a pharmacist with US
forces in WWI. Later his son Burton joined him in 1945, also a
pharmacist who served in WWII. G&W established a reputation as
an innovative specialist in suppository, cream, ointment, gel, and
liquid dosage forms. Carl’s grandson, Ron, is the current Chief
Executive Officer, and Carl’s great-grandson, Aaron, is the Chief
Commercial Officer. Together with their senior leadership team
headed by G&W’s President, Kurt Orlofski, they lead G&W
Laboratories with an uncompromising commitment to product integrity
and customer service while adhering to their core values.
Teva's Safe Harbor Statement under the U. S. Private
Securities Litigation Reform Act of 1995:
This release contains forward-looking statements, which 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 for our innovative
products, especially Copaxone® (including competition from
orally-administered alternatives, as well as from potential
purported generic equivalents) and our ability to migrate users to
our new 40 mg/mL version; the possibility of material fines,
penalties and other sanctions and other adverse consequences
arising out of our ongoing FCPA investigations and related matters;
our ability to achieve expected results from the research and
development efforts invested in our pipeline of specialty and other
products; our ability to reduce operating expenses to the extent
and during the timeframe intended by our cost reduction program;
our ability to identify and successfully bid for suitable
acquisition targets or licensing opportunities, or to consummate
and integrate acquisitions; the extent to which any manufacturing
or quality control problems damage our reputation for quality
production and require costly remediation; increased government
scrutiny in both the U.S. and Europe of our patent settlement
agreements; our exposure to currency fluctuations and restrictions
as well as credit risks; the effectiveness of our patents,
confidentiality agreements and other measures to protect the
intellectual property rights of our specialty medicines; the
effects of reforms in healthcare regulation and pharmaceutical
pricing, reimbursement and coverage; governmental investigations
into sales and marketing practices, particularly for our specialty
pharmaceutical products; adverse effects of political or economic
instability, major hostilities or acts of terrorism on our
significant worldwide operations; interruptions in our supply chain
or problems with internal or third-party information technology
systems that adversely affect our complex manufacturing processes;
significant disruptions of our information technology systems or
breaches of our data security; competition for our generic
products, both from other pharmaceutical companies and as a result
of increased governmental pricing pressures; competition for our
specialty pharmaceutical businesses from companies with greater
resources and capabilities; the impact of continuing consolidation
of our distributors and customers; decreased opportunities to
obtain U.S. market exclusivity for significant new generic
products; potential liability in the U.S., Europe and other markets
for sales of generic products prior to a final resolution of
outstanding patent litigation; our potential exposure to product
liability claims that are not covered by insurance; any failure to
recruit or retain key personnel, or to attract additional executive
and managerial talent; any failures to comply with complex Medicare
and Medicaid reporting and payment obligations; significant
impairment charges relating to intangible assets, goodwill and
property, plant and equipment; the effects of increased leverage
and our resulting reliance on access to the capital markets;
potentially significant increases in tax liabilities; the effect on
our overall effective tax rate of the termination or expiration of
governmental programs or tax benefits, or of a change in our
business; variations in patent laws that may adversely affect our
ability to manufacture our products in the most efficient manner;
environmental risks; and other factors that are discussed in our
Annual Report on Form 20-F for the year ended December 31, 2014 and
in our 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 we assume no obligation to update or revise
any forward-looking statement, whether as a result of new
information, future events or otherwise.
Teva Pharmaceutical Industries Ltd.IR:United StatesKevin C.
Mannix, 215-591-8912Ran Meir,
215-591-3033orIsraelTomer Amitai, 972 (3)
926-7656orPR:IsraelIris Beck Codner, 972 (3)
926-7687orUnited StatesDenise Bradley, 215-591-8974Nancy
Leone, 215-284-0213
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