Teva is an Israeli international pharmaceutical company headquartered in Petah Tikva, just outside Tel Aviv in Israel. It specializes in generic and proprietary pharmaceutivals and active pharmaceutical ingredients. Established in 1901, it now ranks among the top 10 pharma companies in the world. In July 2014, Teva was one of five generics manufacturers to be fined $583 million by the European Union over agreements that delated the release of cheaper version of perindopril, used to treat hypertension.