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FDA approves Teva's Jerusalem facility

Sep. 13, 2011
Source: Globes

The US Food and Drug Administration (FDA) has approved Teva Pharmaceutical Industries Ltd's (Nasdaq: TEVA; TASE: TEVA) Oral Solid Dosage (OSD) manufacturing facility in Jerusalem.Teva has received a closeout letter from the US Food and Drug Administration (FDA) stating that the company has addressed the issues raised by the FDA in a warning letter in January.

In the January inspection of the facility, the FDA raised questions about its current Good Manufacturing Practices (cGMP). The FDA found no adverse finding in a new inspection of the facility in June.

Teva's share price fell 1.5% on Nasdaq yesterday to $37.92, giving a market cap of $33.8 billion, and rose 0.6% at the opening on the TASE today to NIS 140. 

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  • One-third of the academic research, nearly half of the biotech research and half of the medical research in Israel is conducted in Jerusalem at the Hebrew University of Jerusalem and its affiliate Hadassah Medical Center.

  • Jerusalem is a leader in several lucrative and promising life sciences fields encompassing multidisciplinary approaches such as brain research and regenerative medicine, particularly stem cells.