Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) and Barr
Pharmaceuticals, Inc. (NYSE: BRL) announced today that they received
approval from the European Commission to proceed with Teva's acquisition
of Barr.
In connection with this approval, Teva and Barr are required to divest
certain formulations of 17 generic drugs in certain specific countries
with respect to which they have a product overlap, representing
approximately $6 million in the companies' annual sales.
The companies continue to expect that the transaction will close this
month.
About Teva
Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among
the top 20 pharmaceutical companies in the world and is the leading
generic pharmaceutical company. The company develops, manufactures and
markets generic and innovative pharmaceuticals and active pharmaceutical
ingredients. Over 80 percent of Teva's sales are in North America and
Western Europe.
About Barr
Barr Pharmaceuticals, Inc. is a global specialty pharmaceutical company
that operates in more than 30 countries worldwide and is engaged in the
development, manufacture and marketing of generic and proprietary
pharmaceuticals, biopharmaceuticals and active pharmaceutical
ingredients. A holding company, Barr operates through its principal
subsidiaries: Barr Laboratories, Inc., Duramed Pharmaceuticals, Inc. and
PLIVA d.d. and its subsidiaries. The Barr Group of companies markets
more than 120 generic and 27 proprietary products in the U.S. and
approximately 1,025 products globally outside of the U.S. For more
information, visit www.barrlabs.com.
Safe Harbor Statement under the U. S. Private Securities Litigation
Reform Act of 1995:
The statements, analyses and other information contained herein
relating to the proposed merger as well as other statements
including words such as “anticipate,” “believe,” “plan,” “estimate,”
“expect,” “intend,” “will,” “should,” “may” and other similar
expressions, are “forward-looking statements” under the Private
Securities Litigation Reform Act of 1995. Such statements are
made based upon management's current expectations and beliefs concerning
future events and their potential effects on Teva and on Barr.
Actual results may differ materially from the results anticipated in
these forward-looking statements.
