Willkie Client Teva Pharmaceutical Closes on Deal to Form Joint Venture with Procter & Gamble

November 7, 2011

Firm advises Teva Pharmaceutical Industries Ltd. on deal with The Procter & Gamble Company to combine their over-the-counter consumer health care businesses in all markets outside of North America.

On November 3, Willkie client Teva Pharmaceutical Industries Ltd. and The Procter & Gamble Company announced the creation of a new partnership and joint venture in consumer health care. The agreement to form the joint venture, which is to be named PGT Healthcare and headquartered in Geneva, Switzerland, was announced in March 2011. The partnership will operate in essentially all markets outside of North America, and will develop new brands for the North American market. It will focus on best-in-class development and state-of-the-art commercialization of branded OTC medicines. PGT Healthcare, a new model in the industry, is expected to have the potential to reach double-digit sales growth and $4 billion in sales towards the end of the decade. Headquartered in Israel, Teva is among the top 15 pharmaceutical companies in the world and is the leading generic pharmaceutical company. The company develops, manufactures and markets generic and innovative pharmaceuticals and active pharmaceutical ingredients.

The deal was handled by partners Jeffrey Hochman, Morgan Elwyn and David Tayar; special counsel Peter Allman and David Park; and associates Kristen DiCarmine, Christian Ercole and Maria-Leticia Ossa-Daza.

Click to read Willkie’s March 24, 2011 announcement of the deal.