Teva Pharmaceuticals Signs $70 Million Loan

16 June 1996

- Israel's Teva Pharmaceutical Industries, with 1995 sales of $668 million, has signed a $70 million syndicated loan to improve its European exposure and to rearrange its debt profile. Dan Suesskind, chief financial officer, arranged the loan with a consortium of 11 European banks. It has a maturity of five years and interest payments of 44 basis points above Libor. It is expected that its drug Copaxone (copolymer-1) for multiple sclerosis will receive US Food and Drug Administration approval in the near future, increasing revenue by an estimated $100 million.

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