Teva Pharmaceutical Industries Ltd. (Nasdaq:TEVA; TASE:TEVA) has acquired 19% of Clal Biotechnology Industries Ltd. (CBI), for $19 million. Under the agreement, Teva and CBI parent company Clal Industries and Investments Ltd. (TASE:CII) will later jointly invest $31 million in CBI; Teva will invest 19% of this amount, or $6 million, and Clal Industries will invest $25 million. Most investment will be in the life sciences.
Clal Industries co-CEO and Clal Biotechnologies chairman Avi Fisher said today, “The agreement with Teva is a breakthrough for CBI and Israel’s biotechnology industry. The entry of Teva, Israel’s most prominent and important company in its field, is recognition of CBI’s potential, its management team, and the possibility of joint projects in the future.”
Founded in 1998 and fully owned by Clal Industries, CBI is one of Israel’s largest investors in the life sciences (pharmaceuticals, biotechnology, and medical devices). CBI is an investment company with an operating infrastructure, including a R&D and production facility in Yavne. CBI is managed by ARTE Arison Technologies Ltd., run by president and CEO Ruben Krupik. CBI’s portfolio includes Compugen Ltd. (Nasdaq: CGEN; TASE:CGEN), IDM Pharma Inc. (Nasdaq:IDMI), CureTech Ltd., D-Pharm Ltd., MediWound Ltd., and NeuroSurvival Technologies Ltd. (NST).
Published by Globes [online], Israel business news - www.globes.co.il - on September 13, 2005