By Sherri Oslick --
In a transaction merging two major players in the generic pharmaceutical arena, Teva Pharmaceutical Industries Ltd. and Barr Pharmaceuticals, Inc. announced late last week that they have entered into an agreement by which Teva will acquire Barr for $7.46 billion plus the assumption of $1.5 billion in debt. The transaction is expected to close by the end of 2008, pending antitrust clearance and Barr stockholder approval.
Barr Pharmaceuticals, Inc., a holding company, operates through subsidiaries Barr Laboratories, Inc., Duramed Pharmaceuticals, Inc., and PLIVA d.d. and its subsidiaries.
Teva is the leading generic pharmaceutical company worldwide, and Barr the fourth largest. Together, the two companies, totaling to over 500 currently marketed products and over 200 pending ANDA applications (including approximately 70 first to file Paragraph IV challenges), will hold nearly 25% of the market share for all U.S. generic companies, and just under 16% of the market share for all U.S. pharma companies. The combined company will operate in more than 60 countries, employ about 37,000 people, and have an expected annual income of nearly $12 billion.
For additional information regarding the merger, please see:
• Teva's press release
• Barr's press release
• Barr's presentation to investors
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