Teva Pharmaceutical Industries Ltd. (Nasdaq:TEVA; TASE:TEVA) president and CEO Shlomo Yanai flew to India several days ago to meet company employees and discuss potential collaborations with Indian pharmaceutical companies. It seems unlikely that Teva will make any acquisitions in India, especially so soon after it bought branded drug developer and producer Cephalon Inc. (Nasdaq: CEPH) for $6.8 billion and Taiyo Pharmaceuticals in Japan for $500 million.
Teva declined to comment on the report.
Meanwhile, Teva reported that the US. Food and Drug Administration (FDA) has approved the company's application tto sell a generic version of Alzheimer's drug Aricept. Annual sales of the drug in the US are believed to be $2.3 billion.
Teva said that it has already begun shipping the product, in 5 milligram and 10 milligram tablets.
Aricept had been the market leader among drugs that alleviate symptoms of Alzheimer's disease, such as memory problems, confusion and aggression.
On Nasdaq yesterday, Teva's share price fell 1.77% to NIS 50.00, giving a market cap of $44.65 billion.
Published by Globes, Israel business news - www.globes-online.com - on June 2, 2011
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