Teva Pharmaceutical Industries Ltd. — M&A Activity 2006

Feb 2, 2006

TEVA

Teva Pharmaceutical Industries Ltd.

Web Site: www.tevapharm.com

Contact: Dan Suesskind Chief Financial Officer Teva Pharmaceutical Industries Ltd. (011) 972-2-589-2840 George Barrett President and CEO Teva North America (215) 591-3030 Liraz Kalif / Kevin Mannix Teva Investor Relations (011) 972-3-926-7554 / (215) 591-8912

FOR IMMEDIATE RELEASE

TEVA ANNOUNCES FINAL RESULTS OF MERGER CONSIDERATION IN CONNECTION WITH IVAX ACQUISITION

Jerusalem, Israel, February 1, 2006 – Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) announced today the final results of the elections made by the shareholders of Ivax Corporation for the form of merger consideration to be received in Teva’s acquisition of Ivax, which closed on January 26, 2006.

Pursuant to the merger agreement between the parties, Ivax shareholders had the right to elect to receive for each Ivax share they owned either 0.8471 Teva ADRs or $26.00 in cash, subject to proration. Based on the final results of the elections, the merger consideration to be paid to Ivax shareholders is:

• Stock Elections: Ivax shareholders who validly elected to receive all stock will receive 0.8471 Teva ADRs for 51.90922% of their shares of Ivax common stock and $26.00 in cash for approximately 48.09078% of their shares of Ivax common stock, or effectively on a per share basis: 0.4397 Teva ADRs and $12.50 for each share of Ivax common stock for which such election was made;
• Cash Elections: Ivax shareholders who validly elected to receive all cash will receive $26.00 in cash for each share of Ivax common stock for which such election was made; and
• Non-Elections: Ivax shareholders who did not make a valid election will receive $26.00 in cash for each share of Ivax common stock.

Pursuant to the merger agreement, fractional ADRs will not be issued. In lieu thereof, Ivax shareholders will receive cash.

Share exchange instructions and a letter of transmittal will be mailed to non-electing Ivax shareholders shortly. Ivax shareholders who made an effective stock or cash

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election do not need to do anything further in order to receive their merger consideration.

Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among the top 20 pharmaceutical companies in the world and is the leading generic pharmaceutical company. The company develops, manufactures and markets generic and innovative human pharmaceuticals and active pharmaceutical ingredients, as well as animal health pharmaceutical products. Close to 90% of Teva’s sales are in North America and Europe.

Safe Harbor Statement under the U. S. Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which express the current beliefs and expectations of management. Such statements are based on management's current beliefs and expectations and involve a number of known and unknown risks and uncertainties that could cause Teva's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include Teva's ability to rapidly integrate Ivax Corporation's operations and achieve expected synergies, Teva's ability to successfully develop and commercialize additional pharmaceutical products, the introduction of competitive generic products, the impact of competition from brand-name companies that sell or license their own generic products under generic trade dress and at generic prices (so called "authorized generics") or seek to delay the introduction of generic products, regulatory changes that may prevent Teva from exploiting exclusivity periods, potential liability for sales of generic products prior to a final court decision, including that relating to the generic versions of Allegra®, Neurontin®, Oxycontin® and Zithromax®, the effects of competition on Copaxone® sales, the impact of pharmaceutical industry regulation and pending legislation that could affect the pharmaceutical industry, the difficulty of predicting U.S. Food and Drug Administration, European Medicines Association and other regulatory authority approvals, the regulatory environment and changes in the health policies and structure of various countries, Teva's ability to successfully identify, consummate and integrate acquisitions, exposure to product liability claims, dependence on patent and other protections for innovative products, significant operations outside the United States that may be adversely affected by terrorism or major hostilities, fluctuations in currency, exchange and interest rates, operating results and other factors that are discussed in Teva's Annual Report on Form 20-F and its other filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

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מבט תעשיות פרמצבטיות בע"מ

IVAX

1 בפברואר, 2006

טבע מודיעה על התוצאות הסופיות של תמורת המיזוג בקשר לרכישת IVAX

טבע מודיעה על התוצאות הסופיות של הבחירות שנעשו על ידי בעלי מניות IVAX באשר לתמורת המיזוג אשר יקבלו ברכישתה של IVAX על-ידי טבע, אשר הושלמה ב-26 בינואר, 2006.

בהתאם להסכם הרכישה שנחתם בין החברות, לבעלי מניות IVAX היתה הזכות לבחור בין 0.8471 מניות טבע לבין 26.00 דולר במזומן בתמורה לכל מניות IVAX שבבעלותם, בכפוף לחלוקה יחסית. בהתחסס על תוצאות סופיות של בחירת בעלי המניות, תמורת המיזוג לתשלום לבעלי מניות IVAX הינה כדלקמן:

• בחירת מניות: בעלי מניות IVAX אשר ביצעו בחירה תקפה לקבל מניות בלבד, יקבלו 0.8471 מניות טבע ל- 51.90922% ממניותיהם ב- IVAX ו- 26 דולר במזומן עבור 48.09078% ממניותיהם ב- IVAX, או אפקטיבית לכל מניה: 0.4397 מניות טבע ו- 12.50 דולר לכל מניות IVAX שלגביה נעשתה בחירה זו;

• בחירת מזומן: בעלי מניות IVAX אשר ביצעו בחירה תקפה לקבל מזומן בלבד, יקבלו 26.00 דולר במזומן עבור כל מניה של IVAX שלגביה נעשתה בחירה זו.

• ללא בחירה: בעלי מניות IVAX אשר לא ביצעו בחירה תקפה יקבלו 26.00 דולר במזומן עבור כל מניה של IVAX.

בהתאם להסכם המיזוג, חלקי מניות לא ינתנו ובמקומן יקבלו בעלי מניות IVAX מזומן.

מכתב הוראות לגבי החלפת המניות ומכתב העברה ישלחו בקרוב בדואר לבעלי מניות IVAX אשר לא בחרו. בעלי מניות IVAX אשר ביצעו בחירה תקפה בין מזומן למניות אינם נדרשים לנקוט בפעולה נוספת על מנת לקבל את תמורת המיזוג.

אודות טבע

טבע תעשיות פרמצבטיות בע"מ הינה חברה גלובלית שבסיסה בישראל ואחת מ- 20 החברות הפרמצבטיות המובילות בעולם. טבע, המתמחה בייצור תרופות נגרות וייחודיות ובייצור חומרים פעילים לתעשייה הפרמצבטית, וכמו כן מוצרים בתחתום רפואת בעלי-חיים, הינה החברה המובילה בעולם בתחום הגנריקה. לטבע אתרי ייצור, מחקר, שיווק והפצה בישראל, בצפון אמריקה ובאירופה. קרוב ל- 90% ממכירותיה של הקבוצה הן לצפון אמריקה ואירופה.

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להלן הסעיף הידוע בארה"ב כ- Safe Harbor בנוסחו האנגלי ואשר מטרתו להגן על החברה, עפ"י הדין האמריקאי:

Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which express the current beliefs and expectations of management. Such statements are based on management's current beliefs and expectations and involve a number of known and unknown risks and uncertainties that could cause Teva's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include Teva's ability to rapidly integrate Ivax Corporation's operations and achieve expected synergies, Teva's ability to successfully develop and commercialize additional pharmaceutical products, the introduction of competitive generic products, the impact of competition from brand-name companies that sell or license their own generic products under generic trade dress and at generic prices (so called "authorized generics") or seek to delay the introduction of generic products, regulatory changes that may prevent Teva from

liraz.kalif@teva.co.il

03-9267281 פקס-מיליה 49131 מ.ד. 3190 פתח-תקוה 03-9267519

Web site: www.tevapharm.com

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מבט תעשיות פרמצבמיות בע"מ

IFX

exploiting exclusivity periods, potential liability for sales of generic products prior to a final court decision, including that relating to the generic versions of Allegra®, Neurontin®, Oxycontin® and Zithromax®, the effects of competition on Copaxone® sales, the impact of pharmaceutical industry regulation and pending legislation that could affect the pharmaceutical industry, the difficulty of predicting U.S. Food and Drug Administration, European Medicines Association and other regulatory authority approvals, the regulatory environment and changes in the health policies and structure of various countries, Teva’s ability to successfully identify, consummate and integrate acquisitions, exposure to product liability claims, dependence on patent and other protections for innovative products, significant operations outside the United States that may be adversely affected by terrorism or major hostilities, fluctuations in currency, exchange and interest rates, operating results and other factors that are discussed in Teva’s Annual Report on Form 20-F and its other filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

liraz.kalif@teva.co.il קשרי משקיעים

רח' בול 5 ת.ד 3190 פנח-תחוה 49131 תל. 3190 פקסימיליה 03-9267281

Web site: www.tevapharm.com