Closing scheduled for December 23, 2008
JERUSALEM, Israel and MONTVALE, N.J., Dec. 19 /PRNewswire-FirstCall/ -- 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.
Forward-Looking Statements
This communication contains 'forward-looking statements' which represent the current expectations and beliefs of management of Barr Pharmaceuticals, Inc. (the 'Company') concerning the proposed merger of the Company (the 'merger') with Boron Acquisition Corp., a wholly-owned subsidiary of Teva Pharmaceutical Industries Ltd.
