Teva continues to expand

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Teva continues to expand

Generics/News | Posted 08/11/2010 0 Post your comment

The world's largest generic pharmaceutical company, Israeli-based Teva Pharmaceutical Industries, is investing Euros 42 million to expand its production plant in Stouffville, Canada. At the same time Ontario is providing a Euros 4.8-million grant to Teva Canada, which will retain 182 high-skilled workers and hire 20 new employees.

Ontario has emerged as an efficient North American hub for international business and is the motor behind Canada’s economy. Ontario's life sciences industry employs more than 40,000 people at about 850 companies with revenues of CAN$15 billion a year. It is home to 25 research and academic hospitals employing 10,000 scientists and researchers. More than half of the drugs produced by Teva in Canada are exported globally.

The partnership was announced in May 2010, coinciding with a delegation to Israel headed by Premier of Ontario Mr Dalton McGuinty. Canadian businessmen and politicians met with scientists at Israel's Weizmann Institute of Science to explore opportunities for new partnerships and investment. The Weizmann Institute of Science is home to 2,500 scientists, students, technicians and support staff.

“Teva Pharmaceuticals is a perfect example of the kind of partner we're looking for in Israel. This is a country where scientists and academic leaders have figured out how to turn today's ideas into tomorrow's new investments. We're here to learn and promote the benefits of doing business with Ontario's life sciences companies” said Ontario Premier Mr McGuinty.

Teva Canada's parent company, Teva Pharmaceutical Industries Limited, employs 35,000 people around the world. “Our expansion in Stouffville, Ontario, will enable us to secure Canadian and export mandates for high-quality, value-priced generic medicines. This partnership with the Ontario Government to construct an advanced manufacturing facility will increase Teva Canada's capabilities and capacity and allow us to retain and grow high-value jobs in Ontario” enthused CEO of Teva Canada, Mr Barry Fishman.

Record-breaking growth

Teva achieved record-breaking results, including outstanding growth in the second quarter of 2010. Teva’s net sales for the second quarter of 2010 increased by 12% to Euros 2,850 million.

Teva's President and Chief Executive Officer, Mr Shlomo Yanai, commented "it was an especially strong quarter in North America, where we had nine new product launches, and in Europe, where we experienced solid growth despite the challenging market environment”.

Mr Yanai continued, “2010 is well on track to becoming another year of profitable growth and major achievements for Teva, a year in which we will make significant progress towards achieving our long-term strategic objectives”.

Related articles

Teva increases its global position with acquisition of Ratiopharm

References

Teva Canada Limited. Facilities. Excellence on a Global Scale: Our Facilities. [monograph on Internet] Canada, Teva Canada Limited; c2010 [cited 28 September 2010]

Ontario Office of the Premier. News. Premier McGuinty Welcomes Partnership With Global Pharma Company. 25 May 2010

Teva Press Release. Teva Reports Strong Second Quarter 2010 Results Driven By Growth in All Businesses. 27 July 2010