Phillip Frost, a Miami physician-entrepreneur, was chosen as chairman by generic drug giant Teva.
Generic drugmaker Teva Pharmaceutical Industries said Tuesday it has appointed Vice Chairman Dr. Phillip Frost to serve as chairman of its board. The world's largest generic drugmaker by revenue said Frost, a Miami physician-entrepreneur, will replace Moshe Many, who had been serving as interim chairman and will now serve as vice chairman.
Frost, a dermatologist, has developed and sold two major Miami healthcare companies. He took over Key Pharmaceuticals in 1972 and sold the firm to Schering-Plough in 1986 for $600 million. Frost pocketed $100 million from the deal.
In 1987 he started Ivax, which Teva purchased in 2006 for $7.6 billion, which earned Frost $1.2 billion in cash and stock. Frost had served as vice chairman of Teva's board since 2006. He also serves as chairman and CEO of Opko Health, a specialty pharmaceutical company, and as chairman of Ladenburg Thalmann Financial Services, both Miami companies, and Prolor Biotech, which is based in Israel.
Miami's Phillip Frost to head generic drugmaker - MiamiHerald.com
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