Teva Completes Acquisition Of Barr Pharmaceuticals

Israel-based generic company Teva Pharmaceutical Industries has completed the acquisition of US-based Barr Pharmaceuticals.

The combined company will have a significant presence in over 60 countries and generated approximately $13.6B in revenues on a pro-forma basis for the 12 months ended September 30, 2008. As previously announced, Teva expects the acquisition to become accretive in the fourth quarter of 2009.

Shlomo Yanai, president and CEO of Teva, said: "This is truly an exciting day for us. By combining two industry-leading companies, we have established a stronger, more competitive company with increased scale and an expanded geographic footprint with significant potential for growth.

"With a highly complementary generics business in the US which extends our product portfolio and pipeline into new and attractive product categories, a substantial women's healthcare business which broadens our specialty pharmaceutical business and a significant presence in key global growth markets, Barr strengthens our balanced business model and enhances our growth potential."

SOURCE: Teva Pharmaceutical Industries