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Teva Pharmaceuticals history
Teva Pharmaceuticals company history timeline
Established in Jerusalem in 1901, the company known today as Teva starts out as a small wholesale drug business that distributes imported medications.
Teva (Hebrew for "nature") was founded in 1935 by Elsa Kuver and Doctor Gunter Friedlander in Jerusalem.
1935 Salomon, Levin and Elstein open a small pharmaceutical plant called Assia (Aramaic for doctor) in Petah Tikva.
1948 The State of Israel is founded, bringing massive immigration and rapid growth of the local drug market.
Due in part to the intervention of World War II, the establishment of an Israeli state by the United Nations did not come until 1948, but in the meantime the Jewish population of Palestine increased to over 600,000.
Trained as an economist, Hurvitz had started his career in 1953 at Assia Chemical Laboratories.
His promotion into management at Assia in 1963 coincided with the beginning of a period of consolidation within Israel's pharmaceutical industry.
1964 Fiscal merger of Assia and Zori, marking a period of rapid growth.
1968 Assia-Zori acquires a controlling stake in Teva.
1971 Chemical plant established in Petah Tikva, Israel called Assia Chemical Industries Ltd.
1972/74 Compulsory license granted authorizing Teva to produce patented medicines, starting with SmithKline’s antibiotic Penibrin®. Cooperation begins with global pharmaceutical companies.
1976 Teva purchases 50% of Israeli yeast and alcohol fermentation business Paca Ltd.
1977 Acquisition of Orphahell in the Netherlands.
1979 Teva establishes corporate offices in Petah Tikva, Israel.
In a bid to boost its production capacity, Teva acquired its number-two competitor, Ikapharm, in 1980.
1982 Teva shares are registered for trading on NASDAQ.
Having accumulated a 42 percent stake in Teva, Koor launched a bid for control in 1984.
1984 Teva expands its activity in the promising field of medical devices by acquiring a 50% interest in Migada, an Israeli manufacturer of disposable medical equipment.
1985 Teva sells its stake in Promedico.
Together with Professors Michael Sela and Ruth Arnon, Teitelbaum spent 15 years isolating and researching the polymer COP-1 (later branded Copaxone), passing preliminary clinical trials in 1986.
The potential Teva saw in Lemmon soon turned to profits; the United States venture's sales more than doubled from $17 million at the time of its acquisition to about $40 million in 1987, by which time it was marketing seven generic versions of branded drugs.
Teva used the proceeds of its equity offering to acquire Abic Ltd., Israel's second-ranking drug marketer, for $26.6 million in 1988.
1989 Teva expands its activities in the field of medical devices by acquiring the Baxter-owned Israeli company Travenol which is merged with Migada Ltd. to become Teva Medical
1989 Teva agrees to joint development of Azilect® for the treatment of Parkinson’s disease with the Technion - Israel institute of Technology.
Teva severed its ties to W.R. Grace in 1991, when it purchased Grace's 50 percent share of TAG Pharmaceuticals for $35 million.
1992 Teva purchases W.R Grace’s 50% share of TAG Pharmaceuticals and becomes full owner.
1992 Teva completes acquisition of the remaining 50% of Migada Ltd.
The Maxwell connection was cut in 1993, when his estate divested the holding for $166 million, a significant appreciation.
Teva's United States sales surpassed its domestic revenues in 1993, and overseas employment exceeded native workers three years later.
1996 Teva launches Copaxone® in the US. Copaxone® is marketed and distributed through Teva Marion Partners, a joint venture with Marion Merrell Dow (today Aventis).
In 1996 alone, Teva acquired Approved Prescription Services/Berk, the U.K.'s second-largest generic drug marketer and Hungary's Biogal.
In the three years following 1997, Teva purchased a number of pharmaceutical companies that furthered access to foreign markets and enhanced Teva's line of products.
1997 Exclusive Marketing Agreement with Biovail for sustained release products.
In 1998, the Dutch Pharmachemie Group was bought for $87 million; Pharmachemie controlled at that time 40 percent of the generic drug market in Holland.
Such an alliance with Biovale Corp. in 1998 furnished Teva with access to an important drug delivery technology.
Most notably, in 1998, Teva was charged with violating the patent on United States pharmaceutical company Eli Lilly's drug Prozac, and ordered to pay compensation to Lilly for the losses it sustained.
Copley Pharmaceuticals of Canton, Massachusetts, followed in 1999 for $220 million.
These companies ultimately face less competition and thus more sustainable profit growth." A 1999 alliance with Bio-Technology General Corp., under similar terms, brought Teva resources in another area--that of recombinant therapeutic products.
The way was prepared for even greater Copaxone sales in 1999, when the drug received Swiss approval--a forerunner to general EU approval.
The year 2000 was one of record sales for Teva.
2000 Acquisition of Novopharm Ltd., the second largest producer of generics in Canada, and its Hungarian subsidiary Human.
Europe is another key growth market for the Israeli company, accounting for more than 18 percent of sales in 2001.
Teva won, in 2001, a lawsuit against giant GlaxoSmithKline (GSK) concerning the patent on GSK's arthritis drug Relafen, allowing Teva to begin marketing a generic equivalent.
2001 Copaxone® receives European Union approval in 2001.
In 2002, GSK was again the loser when its patent on the antibiotic Augmentin was declared invalid.
2002 Eli Hurvitz is appointed Teva’s Chairman of the Board.
2002 Acquisition of Bayer Classics (now Teva Classics) in France, including the Teva Santé manufacturing plant.
2005 Azilect®, Teva's innovative drug for the treatment of Parkinson’s disease, is approved for marketing in Israel and the EU.
2006 Acquisition of IVAX Corporation in the US strengthens Teva’s worldwide presence through subsidiaries in Europe, Latin America and the Far East.
2006 FDA approves Azilect® for marketing in the US.
2008 Acquisition of CoGenesys, a division of Human Genome Sciences – US
2008 Joint venture with Japan-based Kowa Company, Ltd. establishes Teva-KOWA Pharma and positions Teva to supply generic pharmaceutical products to the Japanese market.
2009 Teva-KOWA Pharma acquires a controlling interest in Taisho Pharmaceutical Industries, further expanding Teva-KOWA's operations in Japan.
2010 - Today Towards the World’s Most indispensable Medicines CompanyTeva expands operations in Latin America and the Far East, and increases product diversification.
2012 Teva begins trading on the NYSE (New York Stock Exchange).
2012 Joint venture with Handok provides Teva with entrance into the South Korean pharmaceutical market.
2013 Collaboration between PGT Healthcare and Swisse Wellness integrates both companies’ core strengths, enabling expansion of the Swisse brand of premium VMS products into new countries and the creation of a global megabrand
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Teva Pharmaceuticals competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Pfizer | 1849 | $63.6B | 78,500 | 410 |
| Sandoz | 1946 | $21.0M | 34 | 12 |
| Ben Venue Laboratories Inc | 1938 | $63.0M | 99 | 5 |
| LifeCell | 1986 | $428.1M | 500 | - |
| Ortho Clinical Diagnostics | 1939 | $1.8B | 4,400 | 67 |
| APL Engineered Materials | 1944 | $11.4M | 50 | - |
| International Specialty Holdings LLC | 2001 | $79.0M | 50 | - |
| International Flavors & Fragrances | 1833 | $11.5B | 13,700 | 144 |
| Stepan | 1932 | $2.2B | 2,096 | 10 |
| Roxane Laboratories | 1885 | $4.2M | 42 | 7 |
Teva Pharmaceuticals history FAQs
Zippia gives an in-depth look into the details of Teva Pharmaceuticals, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Teva Pharmaceuticals. The employee data is based on information from people who have self-reported their past or current employments at Teva Pharmaceuticals. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Teva Pharmaceuticals. The data presented on this page does not represent the view of Teva Pharmaceuticals and its employees or that of Zippia.
Teva Pharmaceuticals may also be known as or be related to Teva Neuroscience, Teva Pharmaceutical Industries Ltd, Teva Pharmaceuticals, Teva Pharmaceuticals USA Inc, Teva Pharmaceuticals USA, Inc. and Teva Pharmaceuticals Usa Inc.