Jerusalem, December 29, 2000 - Jerusalem, Israel, December 29, 2000, Teva Pharmaceutical Industries Ltd. (NASDAQ:TEVA) today announced the appointment of Israel Makov as Chief Operating Officer. Mr. Makov, who most recently served as Executive Vice President, was responsible for global business development and contributed to Teva's global growth through a strategy of mergers and acquisitions. During his tenure, Teva has developed a global organizational structure and has become the leading generic pharmaceutical company in the world.
The appointment of Mr. Makov will enable Eli Hurvitz, Teva's president and CEO, to focus on strategic matters and transfer the activities relating to the ongoing planning and execution of Teva's annual working plan to Mr. Makov.
"In recent years, Teva has developed a talented and professional management team which is leading the company towards its goals and will enable me in another year and a half to leave the management of Teva in the most capable hands," stated Eli Hurvitz. Mr. Hurvitz added that he intends to fulfill his employment contract and complete his term as the CEO of Teva in May 2002.
Mr. Makov, who holds a M.A. in Economics, joined Teva in 1995 as a vice president after filling a series of senior managerial positions. He has served as the founder and CEO of Interpharm, CEO of an investment bank specializing in American-Israeli investments, CEO of Yachin Hakal, CEO of Gottex, and the business manager of Abic, an Israeli pharmaceutical company subsequently acquired by Teva.
"I am happy to have the opportunity to work with Eli Hurvitz and share in the responsibilities and challenges of managing the company", stated Mr. Makov. "My years at Teva have been the most fascinating in my professional career and I believe that together with Eli and Teva's management team, Teva will continue to lead the global generic pharmaceutical industry, while maintaining its profits, vision and unique values that enable its success".
Safe Harbor Statement under the U. S. Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which express the current beliefs and expectations of management. Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause Teva's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include Teva's ability to successfully develop and commercialize additional pharmaceutical products, the introduction of competitive generic products, the impact of competition from brand-name companies that sell their own generic products or successfully extend the exclusivity period of their branded products, Teva's ability to rapidly integrate the operations of acquired businesses, the availability of product liability coverage in the current insurance market, the impact of pharmaceutical industry regulation and pending legislation that could affect the pharmaceutical industry, the difficulty of predicting U.S. Food and Drug Administration ("FDA") and other regulatory authority approvals, the regulatory environment and changes in the health policies and structure of various countries, acceptance and demand for new pharmaceutical products and new therapies, uncertainties regarding market acceptance of innovative products newly launched, currently being sold or in development, the impact of restructuring of clients, reliance on strategic alliances, exposure to product liability claims, dependence on patent and other protections for innovative products, fluctuations in currency, exchange and interest rates, operating results and other factors that are discussed in Teva's Annual Report on Form 20-F and its other filings with the U.S. Securities and Exchange Commission ("SEC"). Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.