Dr. Sol J. Barer Named Chairman of the
Board
Teva Pharmaceutical Industries Ltd. (NYSE and TASE:TEVA) today
announced that Dr. Yitzhak Peterburg, who has served as Chairman of
the Teva Board of Directors since January 2015, has been appointed
Interim President and Chief Executive Officer, effective
immediately. This follows the mutual agreement between the Board of
Teva and Erez Vigodman that Mr. Vigodman is stepping down. Mr.
Vigodman’s service on the Teva Board of Directors has also
ended.
In accordance with the Israeli Companies Law, Dr. Yitzhak
Peterburg has stepped down from his role as Chairman in order to
serve as Interim Chief Executive Officer. Prior to rejoining Teva’s
Board of Directors in 2012, Dr. Peterburg led the Company’s
innovative R&D efforts as Teva’s Group Vice President, Global
Branded Products, from October 2010 until October 2011, after
serving on Teva’s Board of Directors from 2009 until July 2010.
Previously, he served as President and CEO of Cellcom Israel Ltd.
from 2003 to 2005, Director General of Clalit Health Services, the
leading healthcare provider in Israel, from 1997 to 2002 and CEO of
Soroka University Medical Center, Beer-Sheva, from 1995 to
1997.
The Board has elected Dr. Sol J. Barer, who has been a member of
the Teva Board since January 2015, as Chairman. Dr. Barer brings
deep knowledge of the global pharmaceutical industry. He was a
founder of the biotechnology group at Celanese Corporation, later
spun off as Celgene Corporation, where he served in top leadership
roles from 1987 to 2011, including as Chairman and CEO from 2007 to
2010.
The Company's Board of Directors is undertaking a search to
identify a permanent Chief Executive Officer with the assistance of
a search firm.
“I believe that now is the right time for me to step down,” said
Mr. Vigodman. “It has been a privilege to lead Teva, and I am proud
of all we have accomplished. I am confident that the Company’s
future is bright.”
Dr. Yitzhak Peterburg said, “The Company is focusing on
executing its strategic priorities to transform Teva, with
immediate focus on realizing the cost synergies and strategic
benefits of the Actavis Generics acquisition. I look forward to
working with the entire Teva team to conduct a thorough review of
the business to find additional opportunities to enhance value for
shareholders. Teva has a deep bench of talented leaders and today’s
announcement has no impact on our ability to execute going forward.
With the strength of our generics pipeline, unique R&D
capabilities and unparalleled footprint, coupled with our existing
assets and growing pipeline in specialty medicines, I believe in
Teva and the Company’s long-term growth prospects.”
Dr. Barer said, “We are grateful to Yitzhak for taking on the
role of interim CEO. Teva’s Board of Directors, with its decades of
collective pharmaceutical industry experience, will continue to
play an active role in driving the Company’s strategy, and I look
forward to working with the management team to execute on the value
creation opportunities ahead. We intend to conduct a comprehensive
search to identify the best person to lead the Company for years to
come. On behalf of the Board, I want to thank Erez for his many
contributions to Teva over the years and wish him well in the
future.”
2016 Financial Results
As previously announced, Teva will release its fourth quarter
2016 financial results on Monday, February 13, 2017 at 7:00 a.m.
ET.
About Dr. Yitzhak Peterburg
Dr. Yitzhak Peterburg became Teva’s Chairman of the Board of
Directors on January 1, 2015, after rejoining Teva’s Board of
Directors in 2012.
Dr. Peterburg was Teva’s Group Vice President, Global Branded
Products from October 2010 until October 2011, after serving on
Teva’s Board of Directors from 2009 until July 2010.
Previously, he served as President and CEO of Cellcom Israel
Ltd. from 2003 to 2005, Director General of Clalit Health Services,
the leading healthcare provider in Israel, from 1997 to 2002 and
CEO of Soroka University Medical Center, Beer-Sheva, from 1995 to
1997. Dr. Peterburg currently serves as a director on the board of
Rosetta Genomics Ltd. and is also the Chairman of Regenera Pharma
Ltd, a phase 3 clinical-stage pharmaceutical startup company.
Dr. Peterburg received an M.D. degree from Hadassah Medical
School in 1977 and is board-certified in Pediatrics and Health
Services Management. Dr. Peterburg received a doctoral degree in
Health Administration from Columbia University in 1987 and an M.Sc.
degree in Information Systems from the London School of Economics
in 1990. Dr. Peterburg is a professor at the School of Business,
Ben-Gurion University. With his experience as a leader in Israeli
healthcare and as a former executive officer of Teva, expertise in
health information technology and knowledge transfer within
large-scale, fragmented networks, as well as his leadership of
large Israeli companies, Dr. Peterburg provides healthcare,
management and operational expertise as well as knowledge about
Teva and its global operations.
About Dr. Sol J. Barer
Dr. Sol J. Barer joined Teva’s Board of Directors in January
2015.
Dr. Barer spent most of his professional career with the Celgene
Corporation. He was Chairman from January 2011 until June 2011,
Executive Chairman from June 2010 until January 2011 and Chairman
and Chief Executive Officer from May 2006 until June 2010.
Previously he was appointed President in 1993 and Chief Operating
Officer in 1994 before assuming the CEO position. He also served as
Senior Vice President, Science and Technology, and Vice
President/General Manager, Chiral Products, from October 1990 to
October 1993, and Vice President, Technology, from September 1987
to October 1990. Dr. Barer was the founder of the biotechnology
group at the Celanese Research Company which was subsequently spun
out to form Celgene.
Dr. Barer serves as Chairman of the Board of the public
companies Edge Therapeutics, InspireMD and Aevi Genomic Medicine
and private company Centrexion, is Lead Director of ContraFect and
is on the Board of Directors of the public company Amicus
Therapeutics. He is a Venture Advisor to the Israel Biotechnology
Fund as well as an advisor to biopharma companies.
In 2011 Dr. Barer was Chairman of the University of Medicine and
Dentistry of New Jersey Governor’s Advisory Committee which
resulted in sweeping changes in the structure of New Jersey’s
medical schools and public research universities. He previously
served as a Commissioner of the NJ Commission on Science and
Technology. He was a member of the Board of Trustees of Rutgers
University (until 2013). He also served two terms as Chair of the
Board of Trustees of BioNJ (2010-2012) the New Jersey biotechnology
organization.
Dr. Barer was named to the “Worldview 100” (Scientific
American’s 100 most influential figures in today’s world of
biotechnology) in 2015, named one of “25 Leadership Legends of NJ”
(NJBiz) in 2012, “The 50 Most Powerful People in N.J. Health Care,”
in 2012, inducted into the NJBiz Hall of Fame in 2011 and was named
as one of NJ’s top 10 scientists by New Jersey Business in
2008.
Dr. Barer received a Ph.D. in Organic Chemistry in 1974 from
Rutgers University where he was an NDEA Graduate Fellow and a B.S.
in 1968 from Brooklyn College (City University of New York) where
he was an NSF Undergraduate Fellow and Regents Scholar.
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is a
leading global pharmaceutical company that delivers high-quality,
patient-centric healthcare solutions used by 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 2015 amounted to $19.7
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 press 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 specialty
products, especially Copaxone® (which faces competition from
orally-administered alternatives and existing and potential generic
versions); our ability to integrate Allergan plc’s worldwide
generic pharmaceuticals business (“Actavis Generics”) and to
realize the anticipated benefits of the acquisition (and the timing
of realizing such benefits); the fact that following the
consummation of the Actavis Generics acquisition, we are dependent
to a much larger extent than previously on our generic
pharmaceutical business; potential restrictions on our ability to
engage in additional transactions or incur additional indebtedness
as a result of the substantial amount of debt incurred to finance
the Actavis Generics acquisition; the fact that for a period of
time following the Actavis Generics acquisition, we will have
significantly less cash on hand than previously, which could
adversely affect our ability to grow; 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 investments in our
pipeline of specialty and other products; 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;
competition for our generic products, both from other
pharmaceutical companies and as a result of increased governmental
pricing pressures; 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 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, 2015 and in our other filings with
the U.S. Securities and Exchange Commission (the “SEC”).
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 statements or other information contained herein,
whether as a result of new information, future events or otherwise.
You are advised, however, to consult any additional disclosures we
make in our reports to the SEC on Form 6-K. Also note that we
provide a cautionary discussion of risks and uncertainties under
“Risk Factors” in our Annual Report on Form 20-F for the year ended
December 31, 2015. These are factors that we believe could cause
our actual results to differ materially from expected results.
Other factors besides those listed could also adversely affect us.
This discussion is provided as permitted by the Private Securities
Litigation Reform Act of 1995.
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version on businesswire.com: http://www.businesswire.com/news/home/20170206006152/en/
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, 215-591-8974
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