€65 million investment & 165 high skilled jobs for Waterford

03/03/2008

IVAX-Teva plant proves to be world class facility in pharmaceutical industry

Minister for Enterprise, Trade and Employment Micheál Martin TD today (Monday 3rd March) announced that Teva Pharmaceutical, the world’s largest manufacturer of generic medicines, is investing €65 million at its existing facility in Waterford. The investment, supported by IDA Ireland, will create up to 165 highly skilled positions over five years.

Making the announcement Minister Martin said “This strategic investment will significantly increase the production capacity of the site, allowing it to compete successfully with economies of scale in global markets. It will also create 165 highly skilled positions in the fields of research and development, manufacturing, quality control and administrative and support services.”

Minister Martin welcomed Teva Pharmaceuticals commitment to its Irish subsidiary, the local workforce and the pharmaceutical sector in Ireland. “The decision to make this investment owes a great deal to the strong performance of the site to date. The expertise and commitment of the management and staff at this facility singled out IVAX as the prime location for this investment. The site’s R&D team, for example, was responsible for developing new device technologies for metered dose inhalers which have been very well received by the patients in the markets it serves. The fact that IVAX Waterford is also Teva’s primary respiratory global research centre is testimony to its leading role and prestigious position within the group.”

Teva was founded in Jerusalem in 1901 as a small wholesale drug business. In 1964, three firms merged to become Teva Pharmaceutical Industries, Israel’s largest healthcare company. Today, Teva is a global pharmaceutical company specializing in the development, production and marketing of branded and generic pharmaceuticals and active pharmaceutical ingredients. It is among the top 20 pharmaceutical companies in the world and one of the largest generic pharmaceutical companies in the world.

Teva’s product lines include antibiotics, cardiovasculars, analgesics, gastrointestinals, fertility treatments, anticancers, central nervous system drugs, anti-inflammatory and respiratory agents. The company’s Irish subsidiary which Teva acquired in January 2006, IVAX Pharmaceuticals Ireland, is the key supply site for Teva’s respiratory products for global markets in two buildings. A third facility manufactures oral solid dose products to treat a range of ailments, largely for the US market. The Waterford site is also the corporation’s primary global research centre for respiratory products.
About Teva Pharmaceuticals

About Teva Pharmaceutical Industries Ltd.

Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among the top 20 pharmaceutical companies in the world and is the leading generic pharmaceutical company. The company develops, manufactures and markets generic and innovative human pharmaceuticals and active pharmaceutical ingredients, as well as animal health pharmaceutical products. Over 76% of Teva's sales are in North America and Europe.

For further information visit: www.tevapharm.com

About the Pharmaceutical & Healthcare industries in Ireland

Ireland is a key global location for the pharmaceutical industry. Currently 13 of the top 15 companies in the world have substantial operations in Ireland. Six out of 10 and 12 out of 25 of the world’s top selling drugs are produced in Ireland. All these products are manufactured for global markets, making Ireland one of the world’s largest exporters of intermediate and finished pharmaceuticals.
More than 80 companies & facilities employ in excess of 20,000 in this sector which has consistently shown year on year employment growth.
The Pharmaceutical cluster in Ireland is supported by a sophisticated infrastructure of serviced sites, public utilities as well as specialist support companies and services and many pharmaceutical companies have established multiple activities in Ireland.
Pharmaceuticals have become one of Ireland’s most successful and developed Foreign Direct Investment (FDI) business sectors since IDA Ireland attracted the first pharmaceutical multinational to the State in 1964.

For further information:

IVAX-Teva media contact – Michael Bance, Bance Nolan Ltd Tel: 051 845403/087 2462875

Teva/ IVAX Contact (Recruitment enquiries/service providers) Human Resources Department, 051-331331 hrwaterford@teva.ie

IDA Ireland- Ruth Croke, Public Relations Manager 01 6034200/ 087 4195051 ruth.croke@ida.ie

Department of Enterprise, Trade and Employment - Press Office Tel: 01- 6312200
Jerry O’Connor, Press Advisor, Department of Enterprise, Trade and Employment
087 6630338/ 016312200