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Teva to acquire Ratiopharm for €3.6bn

Israeli Teva has outbid Pfizer and Actavis and entered into a definitive agreement to acquire Ratiopharm for €3.63bn

Israeli generics manufacturer,Teva, has outbid Pfizer and Actavis and entered into a definitive agreement to acquire Ratiopharm, the sixth largest generic drug company worldwide and Germany's second largest generics producer, for €3.63bn. The acquisition will make Teva the leading generics manufacturer in Europe.

Commenting on the transaction, Shlomo Yanai, Teva's president and CEO said: "This is an important acquisition for Teva. This transaction is perfectly aligned with our long-term strategy in which Europe is an important pillar and growth driver. Ratiopharm will provide us with the ideal platform to strengthen our leadership position in key European markets, most notably in Germany, as well as rapidly growing generic markets such as Spain, Italy and France." 

Ratiopharm's portfolio includes 500 molecules in over 10,000 presentation forms covering all major therapeutic areas, which are marketed in 26 countries. The company also has experience in biosimilars and a number of products in advanced stages of development.

The combined entity will have 40,000 employees worldwide, of which 18,000 will be based in Europe. The German headquarters site for the combined entity will be located in Ulm, Ratiopharm's current headquarters. 

According to Teva, the combined company would have had 2009 revenues of $16.2bn on a pro forma basis.

Following the acquisition, the new combined company will hold the leading market position in 10 European markets, including the UK, Hungary, Italy, Spain, Portugal and the Netherlands. It will also be ranked among the top three in 17 countries, which includes Germany, Poland, France and the Czech Republic. 

Oliver Windholz, CEO of Ratiopharm, said, "For Ratiopharm, Teva is a natural fit, with its international focus and our shared generic vision. We are convinced that together we can gain enormous growth potential in all markets. Being a part of the Teva family will enable our management team and employees to continue to grow our business and fully materialise the great talent we have at Ratiopharm."

The transaction is subject to certain conditions including relevant regulatory approvals and is expected to complete by the end of 2010.

18th March 2010

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