Teva (TEVA) shares were trading down Wednesday morning following news that the Food and Drug Administration approved Mylan's (MYL) generic version of Teva's top-selling multiple sclerosis drug, Copaxone. It marks a new challenge that the company will have to overcome in addition to its $35 billion debt pile. It's important to note that things weren't always so difficult for the drug-maker.
Teva is an Israeli company that was founded in 1901 in Jerusalem; it was a small whole drug business run by Chaim Salomon, Yitschak Elstein and Moshe Levin.
In 1935 the three opened a small pharmaceutical plant called Assia in Petah Tikva. It eventually merged with others and became the modern day iteration of Teva.
Teva is now the world's largest generic pharmaceutical maker.
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