Teva and Barr Receive European Commission Approval for Acquisition
19 Dezembro 2008 - 4:25PM
Business Wire
Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) and Barr
Pharmaceuticals, Inc. (NYSE: BRL) announced today that they
received approval from the European Commission to proceed with
Teva's acquisition of Barr. In connection with this approval, Teva
and Barr are required to divest certain formulations of 17 generic
drugs in certain specific countries with respect to which they have
a product overlap, representing approximately $6 million in the
companies' annual sales. The companies continue to expect that the
transaction will close this month. About Teva Teva Pharmaceutical
Industries Ltd., headquartered in Israel, is among the top 20
pharmaceutical companies in the world and is the leading generic
pharmaceutical company. The company develops, manufactures and
markets generic and innovative pharmaceuticals and active
pharmaceutical ingredients. Over 80 percent of Teva's sales are in
North America and Western Europe. About Barr Barr Pharmaceuticals,
Inc. is a global specialty pharmaceutical company that operates in
more than 30 countries worldwide and is engaged in the development,
manufacture and marketing of generic and proprietary
pharmaceuticals, biopharmaceuticals and active pharmaceutical
ingredients. A holding company, Barr operates through its principal
subsidiaries: Barr Laboratories, Inc., Duramed Pharmaceuticals,
Inc. and PLIVA d.d. and its subsidiaries. The Barr Group of
companies markets more than 120 generic and 27 proprietary products
in the U.S. and approximately 1,025 products globally outside of
the U.S. For more information, visit www.barrlabs.com. Safe Harbor
Statement under the U. S. Private Securities Litigation Reform Act
of 1995: The statements, analyses and other information contained
herein relating to the proposed merger as well as other statements
including words such as �anticipate,� �believe,� �plan,�
�estimate,� �expect,� �intend,� �will,� �should,� �may� and other
similar expressions, are �forward-looking statements� under the
Private Securities Litigation Reform Act of 1995. Such statements
are made based upon management's current expectations and beliefs
concerning future events and their potential effects on Teva and on
Barr. Actual results may differ materially from the results
anticipated in these forward-looking statements. Important factors
that could cause or contribute to such differences include whether
and when the proposed acquisition will be consummated, Teva's
ability to rapidly integrate Barr's operations and achieve expected
synergies, diversion of management time on merger-related issues,
Teva and Barr's ability to accurately predict future market
conditions, potential liability for sales of generic products prior
to a final resolution of outstanding patent litigation, including
that relating to the generic versions of Allegra�, Neurontin�,
Lotrel�, Famvir� and Protonix�, Teva's and Barr's ability to
successfully develop and commercialize additional pharmaceutical
products, the introduction of competing generic equivalents, the
extent to which Teva or Barr may obtain U.S. market exclusivity for
certain of their new generic products and regulatory changes that
may prevent Teva or Barr from utilizing exclusivity periods,
competition from brand-name companies that are under increased
pressure to counter generic products, or competitors that seek to
delay the introduction of generic products, the impact of
consolidation of our distributors and customers, the effects of
competition on our innovative products, especially Copaxone� sales,
the impact of pharmaceutical industry regulation and pending
legislation that could affect the pharmaceutical industry, the
difficulty of predicting U.S. Food and Drug Administration,
European Medicines Agency and other regulatory authority approvals,
the regulatory environment and changes in the health policies and
structures of various countries, our ability to achieve expected
results though our innovative R&D efforts, Teva's ability to
successfully identify, consummate and integrate acquisitions,
potential exposure to product liability claims to the extent not
covered by insurance, dependence on the effectiveness of our
patents and other protections for innovative products, significant
operations worldwide that may be adversely affected by terrorism,
political or economical instability or major hostilities, supply
interruptions or delays that could result from the complex
manufacturing of our products and our global supply chain,
environmental risks, fluctuations in currency, exchange and
interest rates, and other factors that are discussed in Teva's
Annual Report on Form 20-F, Barr's Annual Report on Form 10-K and
their other filings with the U.S. Securities and Exchange
Commission. Forward-looking statements speak only as of the date on
which they are made, and neither Teva nor Barr undertakes no
obligation to update publicly or revise any forward-looking
statement, whether as a result of new information, future
developments or otherwise. This communication is being made in
respect of the proposed merger involving Teva and Barr. In
connection with the proposed merger, Teva has filed a registration
statement on Form F-4 containing a proxy statement/prospectus for
the stockholders of Barr, and Barr has filed a proxy statement for
the stockholders of Barr, with the SEC. Before making any
investment decision, Barr's stockholders and investors are urged to
read the proxy statement/prospectus regarding the merger and any
other relevant documents carefully in their entirety because they
contain important information about the transaction. The
registration statement containing the proxy statement/prospectus
and other documents is available free of charge at the SEC's
website, www.sec.gov. You may also obtain the proxy
statement/prospectus and other documents free of charge by
contacting Barr Investor Relations at 201-930-3720 or Teva Investor
Relations at 972-3-926-7554 / 215-591-8912.
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