1901
Haim Salomon and his brother-in-law Moshe Levin set up a drugstore in British mandatory Palestine. A few years later, Yitzhak Elstein joins them, and Salomon, Levin, and Elstein Ltd. is formed. (This company will later serve as the drug marketing arm of Teva in Israel, and, later still, of the drug company Assia.)
1935
Teva is established by Elsa Kuver and Dr Gunter Friedlander , in Jerusalem - part of a wave of start-ups of drug companies in mandatory Palestine. Among these are Teva, Assia, Zri, and Ikapharm. Their establishment becomes possible thanks to the immigration of German Jews who bring with them knowledge of the field. (In the ‘60s, a trend will start of co-operation and mergers between these companies, which will culminate in the setting-up of the Teva Group in ’76.)
1951
Teva makes its first public issue on the Tel Aviv Stock Exchange.
1968
Eli Hurvitz is appointed Director at Teva.
1976
The merger process in the Israeli drug market reaches its height as Teva, Assia, and Zri merge to form Teva Pharmaceutical Industries.
1976
Eli Hurvitz appointed General Manager of Teva.
1980
The Teva Group acquires Ikapharm, the second largest company is Israel, from Koor. A sophisticated drug manufacturing facility set up by Ikapharm in Kfar Saba represents a vital component of the attempt to penetrate the American drug market. In a parallel development, Teva acquires from Koor a 50% interest in Plantex, and allocates 20% of its own shares to Koor in exchange.
1982
Teva registers negotiable certificates of participation on the Nasdaq exchange in Wall Street.
1984
Koor purchases Teva shares in stages and reaches a 42% holding in the company’s equity. A mini-war breaks out over control of the company between the Teva founding group and Koor. It ends with the two sides signing an agreement under which, for eight-and-a-half years, neither will attempt to gain control.
1985
Teva commences its assault on the American drug market. It forms a strategic partnership with the American chemical company W.R. Grace, which receives an option to acquire 15% of Teva for $10 million. The two companies set up - at an investment of $23 million, of which only $1.5 million is put up by Teva - an American subsidiary called TAG Pharmaceuticals. This subsidiary acquires the American generic drug firm Lemmon, which Teva turns into one of the largest generic drug companies in the USA. At this stage, Teva’s market value stands at $17 million.
1987
Teva makes its first issue of shares on Wall Street and raises $18.4 million. At the same time, in an offer for sale, Koor sells $14.8 million worth of Teva shares.
1988
Teva acquires Abic, the second largest drug company in Israel, for $26.6 million. In the framework of this deal, Charles Bronfman and the Claridge Group invest in Teva. At the beginning of the year, Teva also acquired Travenol Laboratories.
1989
Bank Hapoalim and Bank Leumi oblige Koor, which is on the brink of bankruptcy, to transfer to them its holding in Teva (about 22%), for disposal. The British businessman Robert Maxwell takes advantage of the opportunity and acquires 17% of Teva from the banks for $30.2 million, at a price of $3.6 per ADR (after split). Sammy Shimon also seizes the chance and acquires 4% of Teva at an investment of $7 million.
1991
Teva reaches a marketing and co-operation agreement with two international giants - Merck and Du-Pont. The agreement relates to the whole world, but Teva is particularly pleased at the chance of breaking into Europe. In the end, the agreement fails to bear fruit.
1991
Teva and Grace break up their partnership, because of the reorganisation of Grace’s business. Teva acquires from Grace half the control in Lemmon for $35 million. At the same time, Grace sells its shares in Teva on Wall Street for $36.4 million.
1992
Israeli investors bring a class action against Teva, in connection with the expiry of options at the end of ’91.
August ‘93
Robert Maxwell’s executor sells his holding in Teva for $166 million - 4.5 times Maxwell’s investment in the company.
July ’94
Teva announces that it has completed trials of the drug Copaxone (intended for the treatment of multiple sclerosis sufferers), and that, in the light of the successful results, it intends to file applications throughout the world for approval to market the drug.
February ’95
Teva and the American company Marion Merrell Dow announce the setting up of a partnership for marketing Copaxone in the USA. At the end of the year the agreement is broadened to bring in Marion’s parent company, the German drug giant Hoechst, as marketer of the drug in Europe. Teva is to receive $25 million from each of these strategic partners.
June ’95
Teva applies to the American Food and Drug Administration for approval to market the drug Copaxone in the USA. The FDA requires the company to amend the application file, which is resubmitted in October.
November ’95
Teva acquires 87% of the Hungarian company Biogal for about $28 million. Biogal’s ’95 sales reach $80 million. The purchase of the Italian company ICI for $14.6 million precedes this acquisition.
January ’96
Teva acquires the American generic drug company Biocraft, whose sales in ’95 reached $140 million. The acquisition, completed in May, is executed through an exchange of shares worth $290 million. It makes Teva one of the three largest generic companies in the USA.
July ’96
Teva acquires the second largest generic drug company in Britain, APS Berk, for $52.7 million. The four acquisitions made by Teva since the close of ’95 increase its turnover by about $300 million, or 45%, over its ’95 revenues.
The number of Teva employees grows to about 5,900, but for the first time in its history the number of employees overseas exceeds the number in Israel, because of the wave of acquisitions made by the company.
December ’96
Teva receives marketing approval in the USA for the drug Copaxone, the first Israeli developed drug to receive such approval. The company estimates that marketing of the drug will begin in mid-first quarter ’97, and analysts reckon that sales volume will be about $100 million even in the first year.
January ’97
According to Eli Hurvitz, Teva finished the second half of ’96 with an annual sales rate of $1 billion, from which it follows that in the final quarter of ’96 the company’s revenues reached about $264 million. The company’s market value stands at $3.3 billion.
Hurvitz says that Teva doubles its revenues every four years, and promises to maintain this over the next four years as well. Accordingly, in the year 2000, Teva should reach an annual rate of income of $3 billion.