In 1901, Chaim Solomon, Moshe Levin and Yitschak Elstein
founded a small wholesale drug business in the holy city of Jerusalem. Hence,
the business name; Salomon, Levin, and Elstein Ltd (S.L.E). The company changed
its name to Assia. Their business was growing as they provided pharmaceutical
needs to the British soldiers in Middle East.
During the 1930s, new immigrants from Europe came to Israel
and some founded pharmaceutical companies, which are Teva and Zori. In 1951,
Teva issued a public offering in Tel-Aviv Stock Exchange, listed as TASE (Tel
Aviv Stock Exchange) as the Teva Middle East Pharmaceutical Chemical Works
As time went by, Assia and Zori merged together and bought
Teva marking a new chapter of the company history. Soon an important figure of
the pharmaceutical business; Eli Hurvitz took over as CEO in 1976. He
consolidated these three companies into the modern Teva Pharmaceutical
Industries Ltd and becoming the president and CEO of Teva for the next 25 years
until his death in 2011.
In the 1980, Teva acquired Ikapharm, Israel second biggest
drug company and 50% shares of chemical manufacturer Plantex Ltd. from Koor
With the market share in Middle East and Europe, Teva wanted
to find opportunities. They took a bold risk to expand to US by purchasing Lemmon Pharmacal Company with the cooperation of W.R. Grace
in 1985, creating Teva Pharmaceuticals USA. Finally, they bought all the shares
of W.R Grace and have full control of the subsidiaries in 1992. In 1999, Teva strengthens its position in the US by
acquiring Copley Pharmaceutical Inc.
At the beginning of millennia, the company bought a Canada
pharmaceutical company Novopharm.
Through many acquisition of pharmaceutical company in
countries like Germany, Italy, Japan, Switzerland and Turkey, Teva developed
itself to become as one of the biggest pharmaceutical company in the world.