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The Procter & Gamble Company and Teva Pharmaceutical Industries Form Consumer Health Care Partnership
Date:3/24/2011

CINCINNATI and JERUSALEM, March 24, 2011 /PRNewswire-FirstCall/ -- The Procter & Gamble Company (NYSE: PG) and Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) today announced the signing of a master agreement to create a partnership in consumer health care by bringing together both companies' existing over-the-counter (OTC) medicines and complementary capabilities to accelerate growth.

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This new business model combines P&G's strong brand-building, consumer-led innovation and go-to-market capabilities with Teva's broad geographic reach, its experience in R&D, regulatory and manufacturing and its extensive portfolio of products.

"This unique partnership positions P&G and Teva to be a leading player in the consumer health care industry," said Bob McDonald, chairman of the board, president and chief executive officer of P&G.  "This is a remarkable opportunity to accelerate growth for both companies' OTC businesses.  Together, we will serve more consumers in more parts of the world, more completely, by increasing access to high quality, affordable over-the-counter medicines."

"We are extremely pleased to be joining forces with Procter & Gamble, the world leader in brand building and innovative go-to-market capabilities," said Shlomo Yanai, Teva's president and chief executive officer. "This partnership will create value by immediately expanding the number of channels and geographies in which each company's OTC products will be sold.  Together, we will develop a new platform with the potential to reshape the entire global OTC market."

Annual Sales of More Than $1 Billion

The partnership will include a joint venture that combines the companies' OTC
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SOURCE The Procter & Gamble Company
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