March 24, 2011
Teva Pharmaceutical Industries Ltd. signs agreement with The Procter & Gamble Company to combine their over-the-counter consumer health care businesses in all markets outside of North America.
On March 24, Willkie client Teva Pharmaceutical Industries Ltd. and consumer products giant The Procter & Gamble Company announced a joint venture to combine their over-the-counter consumer health care businesses in all markets outside of North America. This new business model combines Teva's broad geographic reach, its experience in R&D, regulatory and manufacturing and its extensive portfolio of products with P&G's strong brand-building, consumer-led innovation and go-to-market capabilities. The markets included in the joint venture generated 2010 sales of more than $1 billion. The joint venture will seek opportunities to develop prescription-to-OTC switches, which will be marketed worldwide, including in North America. Teva will also be responsible for global manufacturing, supplying both the joint venture and P&G's existing North American business.
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. Last week, Willkie assisted Teva in its $750 million offering of senior notes, and in 2010 advised Teva on its $2.5 billion senior notes offering and on the antitrust and competition aspects of its $5 billion acquisition of ratiopharm.
The current 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.
