Teva Accelerates its Emerging Markets Growth Strategy with the Acquisition of Rimsa, a Leading Independent Pharmaceutical Com...
01 Octobre 2015 - 2:00PM
Business Wire
Strategic Move Enhances Teva’s Presence in
Mexico, the Second Largest Market in Latin America and a Major
Emerging Market
Brings a Portfolio of Differentiated,
Patent-Protected, Fixed-Dose Medicine Combinations, Strong Brand
and Commercial Presence and Loyal Customer Base
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) today
announced that it has entered into definitive agreements under
which the Company will acquire Representaciones e Investigaciones
Médicas, S.A. de C.V. (Rimsa), a leading pharmaceutical
manufacturing and distribution company in Mexico, along with a
portfolio of products and companies, intellectual property, assets
and pharmaceutical patents in Latin America and Europe in a
debt-free, cash free set of transactions, for an aggregate of $2.3
billion. Through this acquisition, Teva will become a leading
pharmaceutical company in Mexico, the second largest market in
Latin America and one of the top five emerging markets globally.
Teva expects the deal will yield substantial and achievable
synergies and offer a platform for growth in the region.
“This acquisition delivers on our strategy of increasing our
presence in key emerging markets in order to position Teva for
long-term growth in these markets. Rimsa will provide Teva with a
significant platform for growth by combining the strong Rimsa
brand, licensed portfolio of differentiated, patent-protected
products, promising pipeline, significant relationships with
physicians, patients and healthcare providers and its strong
commercial presence,” said Erez Vigodman, President and CEO of
Teva. "The combination of our companies lays the foundation for a
leadership position and high long-term, profitable and sustainable
growth in the region and further reinforces our commitment to
innovation, quality and improving the health of people
worldwide."
Rimsa had revenue in 2014 of $227 million with an annual growth,
year over year of 10.6% since 2011. The company has an extensive
portfolio of specialty products, including fixed-dose combination
products which have fueled its growth. Rimsa’s well-established
sales footprint is expected to provide a platform for additional
Teva products.
“For 45 years, Rimsa has operated as a leading pharmaceutical
company in Mexico, the second largest healthcare market in Latin
America, with a high growth, unique and diversified business model.
We share Teva’s focus on providing quality healthcare and we are
excited to become a part of Teva in meeting the needs of a
population of 120 million,” said Luis Jorge Pérez Juárez, CEO of
Rimsa.”
“In addition to this unique portfolio of patent-protected
products, Rimsa differentiates itself as a leading provider of
branded specialty drugs, including fixed-dose combinations, which
increase adherence and reduce overall costs to patients,” stated
Siggi Olafsson, President and CEO of Teva Global Generic Medicines.
“We will build on their brand reputation, successful sales force
model, well-established commercial footprint and loyal customer
base to introduce additional specialty and generic Teva medicines
to patients in Mexico and across the region.”
The acquisition was unanimously approved by Teva's Board of
Directors, led by the Chairman, Prof. Yitzhak Peterburg.
Teva expects to close these transactions by early first quarter,
2016. The acquisition is not expected to impact 2016 non-GAAP
earnings and is expected to be accretive starting Q1 2017. The
transactions will be funded through a combination of cash on hand
and lines of credit.
Citi acted as financial advisor to Teva.
Goldman Sachs acted as financial advisor to Rimsa.
About Rimsa
Rimsa is the leading independent Mexican pharmaceutical company
with more than 45 years of experience in developing, producing and
selling a wide range of prescription medications. The company
differentiates itself as the leading provider of “combination
drugs” in which a fixed-dose combination (“FDC”) that includes two
or more active pharmaceutical ingredients are combined into a
single dosage form, increasing adherence and reducing overall cost
to patients.
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.
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 achieve substantial synergies in
Mexico; our ability to achieve high levels of long-term and
sustainable profitable growth in the region following the closing;
our ability to continue the rate of growth achieved by Rimsa in the
several years prior to closing; our ability to introduce Teva
products to the region through Rimsa; the timing and amount of
earnings generated by the Rimsa operations following closing; 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 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.
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Teva Pharmaceutical Industries Ltd.IR Contacts:United
StatesKevin C. Mannix, (215) 591-8912Ran Meir, (215)
591-3033orIsraelTomer Amitai, 972 (3) 926-7656orPR
Contacts:IsraelIris Beck Codner, 972 (3) 926-7687orUnited
StatesDenise Bradley, (215) 591-8974Nancy Leone,
(215) 284-0213
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