Teva And Lonza Announce Mutual Decision To Discontinue Biologics Joint Venture

Teva Pharmaceutical Industries (NYSE: TEVA) and Lonza Group (LONN: SIX) today announced that following a strategic review of the Teva-Lonza Joint Venture (TL-JV), the companies have decided to discontinue their collaboration for the development, manufacturing and marketing of biosimilars. The discontinuation of the TL-JV, which began in 2009, will enable both companies to better advance their own strategies and efforts in serving those healthcare communities. Both companies will continue to explore opportunities to maximize the value of the investments and progress that the joint venture has made to this point, and remain in agreement that affordable, efficacious and safe biosimilar treatments will bring benefits to patients and better serve these communities.

Dr. Michael Hayden, President, Global R&D and CSO of Teva stated that “Teva has a track record of success in the biologics arena and we plan to continue and build on that success. This decision supports our ability to maintain a highly selective approach in our efforts to create a balanced portfolio of biosimilars, biobetters and innovative biologics that align with our overall portfolio and areas of disease focus, and by doing so better support our patients in these areas.”

Dr. Stephan Kutzer, COO of Lonza Pharma & Biotech Market Segment stated that “With the discontinuation of the joint venture we will cease investing in areas that are not strategic to Lonza such as clinical developments and end product commercialization. In our assessment those investments in biosimilar will require more capital than initially planned and will also take more time until they reach the market. This is why we intend in the future to limit our role by focusing on our core expertise in the areas of contract manufacturing and cell line development.”

About Teva

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) is a leading global pharmaceutical company, committed to increasing access to high-quality healthcare by developing, producing and marketing affordable generic drugs as well as innovative and specialty pharmaceuticals and active pharmaceutical ingredients. Headquartered in Israel, Teva is the world's leading generic drug maker, with a global product portfolio of more than 1,000 molecules and a direct presence in about 60 countries. Teva's branded businesses focus on CNS, oncology, pain, respiratory and women's health therapeutic areas as well as biologics. Teva currently employs approximately 46,000 people around the world and reached $20.3 billion in net revenues in 2012.

If you liked this article you might like

CEOs Are Dropping Like Flies

S&P 500 and Dow Score Records With Wall Street Upbeat Ahead of Fed

S&P 500 and Dow on Track for Records With Markets in Good Mood Ahead of Fed

S&P 500 and Dow Aim for New Records With Broad-Based Gains Ahead of Fed

Dow and S&P 500 Reach New Intraday Highs With Markets in Good Mood Ahead of Fed