Teva merger approved
24 November 2008 00:00 in Pharmacy Supplier News
Teva's buyout of Barr Pharmaceuticals has been approved by its shareholders.
The announcement follows July's agreement that saw the company acquiring a 100 per cent stake for $7.46 billion (4.92 billion pounds) in stock and cash - equivalent to $66.50 per share.
Expected to be completed by the end of the year, the deal has seen Barr Pharmaceuticals gaining one per cent to $65 at Friday's close of trading at the New York Stock Exchange.
Bruce Downey, the company's chairman and chief executive officer, said: "Today's vote demonstrated the overwhelming support of the transaction by the Barr shareholders.
"We and Teva continue to anticipate completing this transaction prior to the end of the year and combining our two strong organisations," he added.
In other news, Teva has announced agreements on Nasacort, Allegra D-12 and Allegra patent challenges.
As part of the settlement, the parties involved have agreed to dismiss the underlying US proceedings, related to the three lawsuits.
Operating in more than 30 countries worldwide, the company's subsidiaries are Barr Laboratories, Duramed Pharmaceuticals and Pliva.
The organisation sells more than 120 generic and 27 proprietary products in the US and markets approximately 1,025 products outside of the country.
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