Eli Hurvitz | Former Teva CEO, 79
Eli Hurvitz, 79, the onetime laboratory dishwasher who transformed Teva Pharmaceutical Industries from a small Israeli medical company into the world's largest maker of generics, died Monday.
Eli Hurvitz, 79, the onetime laboratory dishwasher who transformed Teva Pharmaceutical Industries from a small Israeli medical company into the world's largest maker of generics, died Monday.
Mr. Hurvitz was born in Jerusalem, where he studied economics at the Hebrew University, and got his start in pharmaceuticals washing dishes in the lab of one of the three drug manufacturers that eventually merged to form Teva.
With Mr. Hurvitz at the helm between 1976 and 2002, the company embarked upon an aggressive program of expansion that included acquisitions around the globe and patent challenges.
Its takeover of Ivax Corp. in 2005 and Barr Pharmaceuticals in 2008 for about $7.4 billion each were the biggest takeovers by an Israeli company and cemented Teva's position as the world's largest producer of generic drugs.
The company also branched out into branded drugs, including Copaxone, developed in Israel for the treatment of multiple sclerosis. It also has a patent on Azilect, a treatment for Parkinson's disease.
Under his stewardship, the company went from sales in the millions of dollars to $16.1 billion in 2010. It is the largest company on the Tel Aviv Stock Exchange and a widely held Israeli share on Nasdaq Stock Market, with a market value of $36 billion.
From 2002 to 2010, Mr. Hurvitz was Teva's chairman of the board, retiring because of an undisclosed illness. Israeli media have reported that he was diagnosed with cancer.
In 2002, he received the prestigious Israel Prize for lifetime achievements. - AP