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Teva to buy Barr

Israeli generics giant, Teva, has announced that it will buy competitor company, Barr for $7.46bn, strengthening its position in the US and across key European markets

Israeli generics giant, Teva, has announced that it will buy competitor company, Barr for $7.46bn, strengthening its position in the US and across key European markets.

The purchase brings several benefits for Teva as both companies' current products are highly complementary. The merger will result in Teva having 500 currently marketed products and more than 200 Abbreviated New Drug Applications (ANDAs) pending with the Food and Drugs Administration (FDA) generating annual brand sales of more than $120bn.

Teva will see considerable benefit through the addition of Barr's women's health products to its respiratory and biologic platforms.

"The acquisition of Barr will elevate Teva's market leadership to a new level," said Shlomo Yanai, president and CEO of Teva. "The combination of our two companies provides an outstanding opportunity strategically and economically: It will enhance our market share and leadership position in the US and key global markets, further strengthen our portfolio and pipeline, and provide upside to our strategic plan, by allowing us to exceed our 20/20 goals for 2012."

The combined company will employ around 37,000 staff, operating in more than 60 countries.  Under the terms of the deal, Teva will take on Barr's outstanding $1.5bn debt. The $7.46bn purchase price represents a 32 per cent premium to Barr's average daily price on the New York Stock Exchange.

18th July 2008

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