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Pharmaceutical company Teva has acquired generic drug maker Ratiopharm for £3.2 billion, beating rivals Pfizer and Actavis to the deal.
The buyout, the second significant acquisition by the Israel-based firm in the past two years, was paid for by a combination of upfront cash and credit.
Ratiopharm owners, the Merckle family, put the organisation up for sale to clear debts incurred by Adolf Merckle, who took his own life in January 2009.
Ludwig Merckle said: “The separation of Ratiopharm is a painful step for us as the founding family (but) I believe that joining forces with the world’s largest generic company will enable Ratiopharm to continue its path of growth and success.”
The move is expected to receive regulatory approval by the end of the year. It comes eight months after Teva bought Barr Pharmaceuticals for £4.9 billion.