Secures Sufficient Cash On-Hand to Complete Transaction
Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) today announced that
it has completed the drawdown of its combined $1.75 billion bridge loan
facilities with Bank Hapoalim B.M. and Bank Leumi USA. The proceeds of
the loans will be used towards funding Teva's previously announced
acquisition of Barr Pharmaceuticals, Inc. (NYSE: BRL). Teva intends to
fund the remaining cash portion of the consideration by using its cash
and marketable securities on hand.
"Teva has secured the necessary funds to complete the Barr acquisition
as well as to support the continued growth of our business. We will
continue to maintain a strong balance sheet following the completion of
the acquisition, with ample flexibility for potential future strategic
opportunities," said Eyal Desheh, Teva's Chief Financial Officer.
"We continue to make progress to obtain the necessary regulatory
approvals for this transaction, which is expected to close by the end of
this year."
Teva Pharmaceuticals USA, Inc. is the borrower under the facilities,
which mature in November 2009. Both facilities are guaranteed by Teva.
About Teva
Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among
the top 20 pharmaceutical companies in the world and is the world's
leading generic pharmaceutical company. The Company develops,
manufactures and markets generic and innovative human pharmaceuticals
and active pharmaceutical ingredients, as well as animal health
pharmaceutical products. Over 80 percent of Teva's sales are in North
America and Europe.
Safe Harbor Statement under the U. S. Private Securities Litigation
Reform Act of 1995:
This release contains forward-looking statements, which express the
current beliefs and expectations of management. Such statements are
based on management's current beliefs and expectations and involve a
number of known and unknown risks and uncertainties that could cause our
future results, performance or achievements to differ significantly from
the results, performance or achievements expressed or implied by such
forward-looking statements. Important factors that could cause or
contribute to such differences include risks relating to: the
timing of the regulatory approvals and satisfaction of other closing
conditions for the pending Barr acquisition, our ability to successfully
develop and commercialize additional pharmaceutical products, the
introduction of competing generic equivalents, the extent to which we
may obtain U.S.
