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Thursday, March 24, 2011 10:51:50 AM
This new business model combines P&G’s strong brand-building, consumer-led innovation and go-to-market capabilities with Teva’s broad geographic reach, its experience in R&D, regulatory and manufacturing and its extensive portfolio of products.
“This unique partnership positions P&G and Teva to be a leading player in the consumer health care industry,” said Bob McDonald, chairman of the board, president and chief executive officer of P&G. “This is a remarkable opportunity to accelerate growth for both companies’ OTC businesses. Together, we will serve more consumers in more parts of the world, more completely, by increasing access to high quality, affordable over-the-counter medicines.”
“We are extremely pleased to be joining forces with Procter & Gamble, the world leader in brand building and innovative go-to-market capabilities,” said Shlomo Yanai, Teva’s president and chief executive officer. “This partnership will create value by immediately expanding the number of channels and geographies in which each company’s OTC products will be sold. Together, we will develop a new platform with the potential to reshape the entire global OTC market.”
Annual Sales of More Than $1 Billion
The partnership will include a joint venture that combines the companies’ OTC businesses in all markets outside of North America. The markets included in the joint venture generated sales of more than $1 billion in 2010.
Teva will provide access to its unparalleled portfolio of medicines and global R&D and manufacturing expertise and infrastructure. As part of the partnership, the companies intend for Teva to take global responsibility for manufacturing to supply the joint venture markets and P&G’s existing North American business.
Significant Growth Potential
OTC health care medicines offer significant growth potential for both companies in developed and emerging markets. The companies expect to stimulate faster growth in the nearly $200 billion OTC market as the global population continues to age, consumers increasingly focus on quality of life and wellness and more consumers personally manage their family’s health care choices and rely on trusted brands. In addition, economies in emerging markets continue to grow quickly and consumers are gaining purchasing power. All of these factors will contribute to continued strong growth of the global consumer health care market.
This partnership will enable both companies to generate greater value from their existing OTC businesses. By broadening its OTC product offerings, Teva will further strengthen its position with major pharmacy customers around the world. For P&G, the partnership will accelerate global expansion of its leading OTC brands such as Vicks, Metamucil and Pepto-Bismol.
In addition, the partnership will exploit opportunities to develop Rx-to-OTC switches to create new trusted brands to be marketed worldwide, including in North America.
The transaction is expected to close in the fall of 2011 subject to receipt of required regulatory approvals.
Conference Calls / Webcasts
P&G and Teva will host a joint conference call as well as individual conference calls today to discuss the partnership in more detail.
A joint conference call will begin at 9:30am ET. To participate in the call from the United States, please dial 800-798-2864 or 617-614-6206 internationally. The Conference ID or Passcode is 7128202. A webcast of the call can also be accessed from the companies’ websites at www.pg.com and www.tevapharm.com. Following conclusion of the call, a replay of the webcast will be available within 24 hours at the companies’ websites.
A P&G conference call will begin at 10:00am ET. To participate in the call from the United States, please dial 866-831-6272 or 617-213-8859 internationally. The Conference ID or Passcode is 6929206. A webcast of the call can also be accessed from the company’s website at www.pg.com. Following conclusion of the call, a replay of the webcast will be available within 24 hours at the Company’s website.
A Teva conference call will begin at 12:00pm ET. To participate in the call from the United States, please dial 866-770-7129 or 617-213-8067 internationally. The Conference ID or Passcode is 91148530. A webcast of the call can also be accessed from the company’s website at www.tevapharm.com. Following conclusion of the call, a replay of the webcast will be available within 24 hours at the company’s website. A replay of the call will also be available until March 25, 2011, at 3:00pm ET, by calling 888-286-8010 (US) or 617-801-6888 (International). The Conference ID or Passcode is 13624779.
About Procter & Gamble
Four billion times a day, P&G brands touch the lives of people around the world. The company has one of the strongest portfolios of trusted, quality, leadership brands, including Pampers®, Tide®, Ariel®, Always®, Whisper®, Pantene®, Mach3®, Bounty®, Dawn®, Gain®, Pringles®, Charmin®, Downy®, Lenor®, Iams®, Crest®, Oral-B®, Duracell®, Olay®, Head & Shoulders®, Wella®, Gillette®, Braun® and Fusion®. The P&G community includes approximately 127,000 employees working in about 80 countries worldwide. Please visit http://www.pg.com for the latest news and in-depth information about P&G and its brands.
About Teva
Teva (NASDAQ:Teva) is a leading global pharmaceutical company, committed to increasing access to high-quality healthcare by developing, producing and marketing affordable generic drugs as well as innovative and specialty pharmaceuticals and active pharmaceutical ingredients. Headquartered in Israel, Teva is the world's largest generic drug maker, with a global product portfolio of nearly 1500 molecules and a direct presence in about 60 countries. Teva's branded businesses focus on neurological, respiratory and women's health therapeutic areas as well as biologics. Teva's leading innovative product, Copaxone®, is the number one prescribed treatment for multiple sclerosis. Teva employs approximately 40,000 people around the world and reached $16.1 billion in net sales in 2010.
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