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Teva appoints Dr Phillip Frost as chair

Generics manufacturer, Teva has announced the appointment of Dr Phillip Frost to the role of chairman of the Board of Directors

Israeli generics manufacturer, Teva has announced the appointment of Dr Phillip Frost to the role of chairman of the Board of Directors.

Frost, who previously held the role of vice-chairman, was appointed after Mr Eli Hurvitz requested to be released from his duties as chair at Teva in order to focus on his full recovery from a recently diagnosed illness.

Professor Moshe Many, has stepped down from his role as interim chairman and has been appointed as vice-chairman.

Commenting on his appointment, Dr Frost said: "We are all saddened by the circumstances that have caused this development. We are all keenly aware of the unique role Eli Hurvitz has played for so long in Teva's development, and I am sure that all the members of the Board and all Teva's employees join me in wishing Eli a speedy and full recovery."

He went on to say: "Under the leadership of Shlomo Yanai, Teva's president and CEO, we have experienced remarkable growth over the last three years. As chairman, I intend, together with my colleagues on the Board, to do our utmost to support Shlomo and his team in pursuit of the strategic plan recently approved by the Board of Directors and presented to the investment community in January. Moreover, I fully support our commitment to leadership in the global generics market from our headquarters in Israel."

Teva is the world's largest generic drug manufacturer by revenue. The company's current proprietary research and development pipeline is focused on three niche speciality areas: neurological disorders, autoimmune diseases and oncology.

10th March 2010

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