Teva to Acquire CoGenesys

Acquisition Will Bolster Teva's Biotechnology Capabilities
JERUSALEM--(Business Wire)--Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) today announced
that it has entered into a definitive agreement to acquire CoGenesys,
Inc., a privately-held biopharmaceutical company with a broad based
biotechnology platform and focused on the development of peptide- and
protein-based medicines across broad therapeutic categories. CoGenesys
was established in 2005 as a division within Human Genome Sciences
Inc. (HGSI) to focus on early drug development and was spun off as an
independent company in June 2006.

In its recently completed strategic review, Teva identified
biopharmaceuticals - and primarily biogenerics - as a key, long-term
growth opportunity for the Company. With this acquisition, Teva is
taking a significant step towards advancing its strategic goals,
demonstrating its commitment to becoming a leading player in the
biogenerics market, as that market evolves. Teva will simultaneously
gain access to a world-class biotechnology research team led by
Dr. Craig Rosen and Steve Mayer, to cutting edge technologies, as well
as to an attractive innovative pipeline.

Commenting on today's transaction, Shlomo Yanai, Teva's President
and CEO, said: "We are very excited about this strategic acquisition.
Biopharmaceuticals will be a long-term growth driver for Teva, and
this transaction represents an important spring-board in our efforts
to establish ourselves among the leaders in this market. CoGenesys'
breadth of technologies and the depth of their team and pipeline
complement Teva's large-scale operations, extensive resources and its
proven expertise in bringing drugs to market. This combination will
enable us to realize our vision of delivering high quality, affordable
biopharmaceuticals worldwide. CoGenesys' acquisition reflects our
commitment to capture the significant long-term prospects we believe
the biogenerics market will offer."

Teva's existing biotechnology infrastructure includes product
development and manufacturing in several countries. The Company also
markets a portfolio of biopharmaceutical drugs outside the United
States, including interferon alpha 2b, granulocyte colony-stimulating
factor ("GCSF") and human growth hormone ("hGH"), while marketing hGH
in the United States as well.

Based on over 15 years of peptide- and protein-based drug
development research, CoGenesys brings to Teva advanced technological
platforms (including Albumin Fusion, a novel approach to long acting
biopharmaceuticals), which are key to establishing Teva's leadership
position in biogenerics. In addition, its innovative pipeline
addresses a broad spectrum of therapeutic categories. The CoGenesys
team includes some 70 professionals, many of them Ph.D.-level
scientists working in a 48,000 square foot state-of-the-art facility,
located in Rockville, Maryland.

"We are excited to enter into this agreement with Teva, a true
leader in the global pharmaceutical industry," stated Dr. Craig Rosen,
CoGenesys' co-founder, Chief Scientific Officer and Executive
Chairman. "Teva has already demonstrated a commitment to our
organization and shares our vision of developing high-value peptide-
and protein-based products. Teva's resources, its extensive clinical
experience and regulatory expertise create the optimal environment for
the CoGenesys team to continue and successfully commercialize our
scientific work."

Dr. Rosen brings to Teva a world renowned track record in
biopharmaceutical R&D work. Prior to founding CoGenesys, Dr. Rosen was
President and Chief Scientific Officer of HGSI.

Bill Marth, President and CEO of Teva North America, added, "I
would like to welcome this high caliber cadre of scientists to the
Teva family. I am pleased that Steve, Craig and the rest of the
CoGenesys team are committed to remaining with Teva to continue to
enhance their innovative technologies and bring their pipeline to the
market."

Under terms of the agreement, Teva will pay a purchase price of
$400 million cash, funded from its internal resources. The transaction
has been approved by the boards of directors of each company and by
the shareholders of CoGenesys and is subject to customary closing
conditions (including approval under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976), and is expected to close during the first
half of 2008.

More information on both companies can be found at
www.tevapharm.com and www.cogenesys.com.

About Teva

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. Over 80 percent of Teva's sales
are in North America and Europe.

About CoGenesys

CoGenesys, Inc. was spun out of Human Genome Sciences, Inc.
(Nasdaq: HGSI) in June of 2006. The Company's strategy is to
demonstrate safety and proof of concept in clinical trials followed by
selectively licensing or partnering of compounds to fund further
development. CoGenesys has approximately 80 employees, including 20
PhD-level scientists, and a dedicated 48,000 sq. ft. facility with
cGMP manufacturing capacity sufficient for early-stage clinical
testing. For more information, visit http://www.CoGenesys.com/.

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 risks relating
to: whether and when the proposed acquisition of CoGenesys will be
consummated, whether and when Teva will obtain HSR approval for the
acquisition and any conditions that could be imposed in connection
with such approval, Teva's ability to rapidly integrate CoGenesys's
operations with its own operations, the diversion of management time
on merger-related issues, and Teva and CoGenesys' ability to
successfully develop and commercialize biopharmaceutical products,
Teva's ability to accurately predict future market conditions
including pricing and margins with regard to sales of the generic
version of Protonix(R), potential liability for sales of generic
products prior to a final resolution of outstanding patent litigation,
including that relating to the generic versions of Allegra(R),
Neurontin(R), Lotrel(R) Famvir(R) and Protonix(R), Teva`s ability to
successfully develop and commercialize additional pharmaceutical
products, the introduction of competing generic equivalents, the
extent to which Teva may obtain U.S. market exclusivity for certain of
its new generic products and regulatory changes that may prevent Teva
from utilizing exclusivity periods, competition from brand-name
companies that are under increased pressure to counter generic
products, or competitors that seek to delay the introduction of
generic products, the impact of consolidation of our distributors and
customers, the effects of competition on our innovative products,
especially Copaxone(R) 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 Agency and other regulatory
authority approvals, the regulatory environment and changes in the
health policies and structures of various countries, our ability to
achieve expected results though our innovative R&D efforts, Teva's
ability to successfully identify, consummate and integrate
acquisitions, potential exposure to product liability claims to the
extent not covered by insurance, dependence on the effectiveness of
our patents and other protections for innovative products, significant
operations worldwide that may be adversely affected by terrorism,
political or economical instability or major hostilities, supply
interruptions or delays that could result from the complex
manufacturing of our products and our global supply chain,
environmental risks, fluctuations in currency, exchange and interest
rates, 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
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.

Teva Pharmaceutical Industries Ltd.
Elana Holzman, 972 (3) 926-7554
or
Teva North America
Kevin Mannix, 215-591-8912

Copyright Business Wire 2008