Teva VP international Chaim Hurvitz: It important to us that we set up a Russian R&D center.
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) is looking at opportunities to build or buy a plant in Russia, Group VP international Chaim Hurvitz told Russian daily "Vedomosti" on Friday. Hurvitz said the company will decide whether to build a plant or buy an existing one within the next 6-12 months. Teva currently does not have a production activity in Russia, and is prepared to invest $30-50 million in the building of a plant.
"Vedomosti" quoted Yuri Krestinsky, director general of Moscow's Institute of Public Health, as saying that Teva is looking for land on which to build a plant. "We would like to see our production located within 100 kilometers from one of the major cities. We feel it important that we set up a Russian R&D center, and it does not necessarily have to be Moscow or St. Petersburg," said Hurvitz in response.
Published by Globes [online], Israel business news - www.globes-online.com - on May 18, 2008
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