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The world’s biggest generic-drugs company has bought a US rival in a deal worth £5.1 billion, which is likely to have an impact in over 60 countries.
Israel’s Teva Pharmaceutical Industries hopes that the acquisition of Barr Pharmaceuticals will immediately result in annual revenues of more than £8.8 billion.
Teva chief executive Shlomo Yanai said he is confident that Barr’s presence in key markets, including women’s healthcare, will significantly boost growth.
He said: “By combining two industry-leading companies we have established a stronger, more competitive company with increased scale and an expanded geographic footprint with significant potential for growth.”
The company said that the deal will allow it to exceed its five-year plan to double revenues to £13.5 billion by 2012.
Barr chief executive Bruce Downey said: “The merger will further enhance Teva’s ability to meet the emerging needs of the global generic pharmaceutical marketplace.”
Copyright Press Association 2008