Teva to buy Barr to form bigger generic powerhouse
The purchase price is $7.6 billion.
Teva Pharmaceutical Industries, the world's largest generic drugmaker, has agreed to buy Barr Pharmaceuticals, the No. 4 generic player, for $7.6 billion. Teva will also assume $1.5 billion in outstanding Barr debt. The two companies said the deal should close during the fourth quarter. The combined company will have a portfolio of over 500 products, more than 200 ANDAs pending with the Food & Drug Administration, and about 3,700 product registrations pending worldwide. Bill Marth, president and CEO of Teva North America, said the new company will control about 24% of the U.S. generic drug market, well below the threshold that should trigger any antitrust concerns. The acquisition deal is subject to antitrust approvals in the United States and Europe as well as by Barr shareholders.
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