Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has won the largest share of a new drug delivery tender by Germany's largest healthcare fund AOK (Allgemeinen Ortskrankenkassen) after a disappointing quarter in the company's German business. Teva won 152 two-year supply contracts, 27% of the contracts in the tender, worth tens of millions of euros.
The contracts will come into effect on June 1. In 2008, Teva won 20% of the supply contracts.
Following the acquisition of Germany's Ratiopharm GmbH for $5 billion last year, Teva became the second largest pharmaceutical company in the German market, after Sandoz, and Teva is narrowing the gap. In the first quarter of 2011, Teva reported no growth in the German market, despite reporting strong revenue growth in Europe as a whole.
Teva's share price fell 0.3% on Nasdaq on Friday to $49.67, giving a market cap of $46.7 billion. The share price rose 1.7% in early trading on TASE today to NIS 172.50.
Published by Globes [online], Israel business news - www.globes-online.com - on May 15, 2011
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