Business in Brief: October 26

FDA approves Teva’s schizophrenia drug; Israel Ports fined for polluting; 800 apartments to be built in Talpiot.

October 25, 2011 23:22
2 minute read.
Drug company

Pharmacist pouring something 311. (photo credit: NATI SHOHAT/FLASH90)


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FDA approves Teva’s schizophrenia drug • By HILLEL KOREN

Teva Pharmaceutical Industries Ltd. and India’s Dr. Reddy Laboratories Ltd. have obtained US Food and Drug Administration approval for their generic versions of schizophrenia drug Zyprexa, made by Eli Lilly & Co.

According to IMS Health, Zyprexa had $5.7 billion in annual sales in the United States in 2010. Zyprexa can cost up to $500 a month, and the generic versions could cut the cost by 80 percent.

Zyprexa is one of a new class of treatments for schizophrenia that effect dopamine levels in the brain to influence behavior, mood and movement. The drugs came into widespread use in the 1990s, replacing earlier treatments because they were thought to be less likely to cause muscle tremors, spasms and other side effects.

However, Zyprexa is associated with its own side effects, including weight gain, high blood-sugar levels and drowsiness.

Israel Ports fined for polluting • By CHEN MA’ANIT

The Haifa District Court on Monday ruled in favor of the Environmental Affairs Ministry’s appeal of a Haifa Magistrate’s Court decision and convicted the Israel Ports Development and Assets Company, which is responsible for developing infrastructure for all of Israel’s ports, of dumping dredged material into the Mediterranean Sea against regulations during the construction of the Carmel Alef Port in 2008. Judges Yosef Alron, Adi Zarankin and Moshe Gilad ruled that Israel Ports must pay a fine of NIS 100,000 in damages.

The ruling sets a precedent that the theoretical legal possibility for corporations to evade conviction is no longer legally available. The judges called for this fundamental issue to be formulated into a law. They referred to the practice of erasing environment-related indictments against corporations and of their senior executives in plea bargains. The judges said this practice harms the public interest.

800 apartments to be built in Talpiot • By ORI CHUDY

A consortium of four companies plans to build 800 apartments near the Pillbox in Jerusalem’s southern neighborhood of Talpiot. Africa-Israel Investments Ltd., B.Yair Building Corporation 1988 Ltd., Ahim Hasid Building Company Ltd. and Yahalomit Peretz Building and Development Ltd., together with a buyers group, said Tuesday they would develop the project.

Most of the apartments will be in 10- and 12-story buildings. The project will include public and commercial space, kindergartens, a school, synagogue and park.

The 90-dunam lot was once used by Kibbutz Ramat Rachel for farming and reverted to the Israel Lands Authority as part of a land-betterment agreement.

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