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Israel-based Teva's CEO steps down

Xinhua, February 7, 2017 Adjust font size:

The chief executive of Israel-based Teva Pharmaceuticals, the world's largest generic drugs maker, said on Tuesday that he was stepping down, according to a statement from the company.

Erez Vigodman resigned effective immediately and will be replaced by Yitzhak Peterburg, who has served as chairman of the Teva board of directors since January 2015.

In accordance with the Israeli Companies Law, Peterburg stepped down from his role as chairman to serve as interim CEO, Teva said.

Vigodman is stepping down amidst several difficulties including a loss in a U.S. court over patents on its best-seller multiple sclerosis drug Copaxone. The drug makes up about 20 percent of Teva's revenues.

Teva's stock price once lost 1 percent to 34 U.S. dollars per share following the notice.

Vigodman served two years at the post. He succeeded Jeremy Levin, who also left after a short time amidst a disagreement with the board.

The company did not cite any reason for Vigodman's resignation.

"I believe that now is the right time for me to step down," Vigodman said in a statement released by Teva. Endit