Sources inform ''Globes'' that AstraZeneca plc (NYSE; LSE:AZN) is about to open an office in Israel and is seeking a general manager for its Israeli activities. Britain’s AstraZeneca is the world’s seventh largest pharmaceutical company, and currently markets its products through a number of distributors. Products include treatments for ulcers and heartburn, schizophrenia, cholesterol, breast cancer, and hyperacidity.
AstraZeneca declined to confirm the report, saying only, “We confirm that we’re in talks with Teva about changing our relationship for marketing and distribution. These talks are in the very early stages and nothing has been decided yet.”
After years in which almost all pharmaceutical companies sold their products in the small Israeli market through distributors, many are now choosing to set up local branches. Eli Lilly Inc. (NYSE:LLY), GlaxoSmithKline plc (NYSE; LSE: GSK), Merck Inc. (NYSE:MRK), Novartis AG (NYSE:NVS; LSE: NOV; SWX: NOVZ), Pfizer Inc. (NYSE:PFE; LSE:PFZ), and Roche Holding AG (SWX:RO; SWG:ROG; XETRA:RHO) are just some of the big pharma companies that have opted for direct activity in Israel, and it is logical for AstraZeneca to follow suit.
Published by Globes [online], Israel business news - www.globes.co.il - on September 30, 2007
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