-- Closing scheduled for December 23, 2008 --
Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) and Barr
Pharmaceuticals, Inc. (NYSE: BRL) announced today that the U.S. Federal
Trade Commission ("FTC") has accepted the proposed consent order in
connection with the pending acquisition of Barr by Teva and granted
early termination of the Hart Scott Rodino waiting period.
Under the consent order that has been executed by the parties and
accepted for public comment by the FTC, Teva and Barr are required to
divest certain formulations of 16 overlapping on-market generic drugs,
representing approximately $60 million in the companies' annual sales,
and 13 overlapping pipeline generic drugs.
With the approval of the European Commission earlier today, the parties
have now obtained all regulatory approvals required to close the
transaction and, accordingly, have scheduled a closing date of December
23, 2008.
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.
