Teva closes acquisition of Barr

Finally, Teva has completed its $7.5 billion acquisition of Barr Pharmaceuticals.

The Israel-based drugmaker noted that the combined company will have “a significant presence in over 60 countries” and revenues of around $13.6 billion for the twelve months ended September 30. Teva chief executive Shlomo Yanai said that the firm has established “a stronger, more competitive company with increased scale and an expanded geographic footprint with significant potential for growth”.

He added that with a “highly complementary generics business in the USA…a substantial women’s healthcare business…and a significant presence in key global growth markets, Barr strengthens our balanced business model and enhances our growth potential.” Mr Yanai ‘s counterpart at Barr, Bruce Downey, said that over the past few months, the management teams of the companies have been working to ensure “a seamless and successful integration”, adding that the merger will “further enhance Teva’s ability to meet the emerging needs of the global generic pharmaceutical marketplace”.

Teva expects the acquisition to become accretive in the fourth quarter of 2009.