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Teva CFO: Asian Acquisitions a Priority

Teva CFO: Asian Acquisitions a Priority

The chief financial officer of Teva Pharmaceutical Industries Ltd. said recently that the company is seeking acquisitions in Asia in order to boost sales in the region, reports Bloomberg.

During a recent interview at the JP Morgan Healthcare Conference in San Francisco, CFO Eyal Desheh noted that local business are the key and added that there may be a series of lower-scale acquisitions rather than a few large ones.

"A lot of the future growth of the generic industries is going to happen in Asia," Desheh explained. "The population is very large."

Bill Marth, president of Teva's America unit, noted that the company's recent acquisition of Cephalon Inc. could potentially lead to spinoffs for products being developed, though generic medicines are still the major emphasis at this time.

The comments from the two individuals holding executive jobs within Teva come just days after the pharmaceutical company announced its chief executive will be retiring in May and will be replaced by Bristol-Myers Squibb Co. executive Jeremy Levin, The Wall Street Journal reported.