Dec. 20--The parent company of Barr Laboratories in Forest has received the last approval it needs to move forward and be bought by an Israel-based drug maker.

The merger between Barr Pharmaceuticals and Teva Pharmaceutical Industries has received approval from the U.S. Federal Trade Commission, the two companies announced on Friday.

That announcement came shortly after the companies said they had received antitrust approval from the European Commission to move ahead.

The companies set Dec. 23 as the closing date on the merger.

In mid-July, Teva announced its decision to buy Barr Pharmaceuticals.

Barr Labs, one of Bedford County's largest employers, has more than 500 employees in Forest and earlier this year announced an expansion that would add about 220 employees.

Barr Pharmaceuticals closed at $66.99 per share on Friday on the New York Stock Exchange. Teva closed at $43.53 per share on the Nasdaq.

-----

To see more of The News & Advance, or to subscribe to the newspaper, go to http://www.newsadvance.com.

Copyright (c) 2008, The News & Advance, Lynchburg, Va.

Distributed by McClatchy-Tribune Information Services.

For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

NYSE:BRL, NASDAQ-NMS:TEVA,

A service of YellowBrix, Inc.