Teva Pharmaceutical Agrees to Buy Barr
Posted on: Friday, 18 July 2008, 09:01 CDT
Teva Pharmaceutical Industries Ltd. of Israel said Friday it had agreed to purchase Barr Pharmaceuticals Inc., in a deal valued at $8.96 billion.
The deal includes generic drug maker Teva assuming $1.5 billion in debt and puts a value of $66.50 per share on Barr, which is based in Montvale, N.J.
The price is a premium of 32 percent more than Barr's average closing price for the past year and 42 percent above its closing price Wednesday, a company statement said.
The combination of our two companies provides an outstanding opportunity strategically and economically, said Shlomo Yanai, president and chief executive officer of Teva.
We have long admired Barr as a highly focused company with an excellent management team, he said.
Chairman and Chief Executive Officer of Barr Bruce Downey said the deal would propel its lineup into important Central and Eastern European markets. The sale has the full support of Barr's Board of Directors and senior management, he said.
Source: United Press International
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