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Israeli drug manufacturer Teva Pharmaceuticals has finalised its $4.95 billion (£3.13 billion) purchase of Germany company Ratiopharm.
Teva is now one of the biggest generic drug firms in the world, as well as being the largest in Europe.
The final amount paid is a reflection of the agreed value of Ratiopharm, as well as interest accrued from January 1, 2010 until the end of the buyout.
Shlomo Yanai, Teva’s president and chief executive, predicts the group will save around $400 million (£253 million) per year from the deal, with further new business also in the pipeline.
He said: “This is an exciting day for Teva and Ratiopharm. Increasing Teva’s market share in Europe – a geography with tremendous potential for generics penetration – is an important pillar of our long-term growth strategy.
“With the acquisition of Ratiopharm we will become the leader in key European markets and we are well-positioned to become the leader in many other European markets in the near future.”
Teva now holds the top market position in ten countries, as well as ranking in the top three in seven others.
Copyright Press Association 2010