Teva, Barr merger on track to close Tuesday following latest approvals

By Lisa Kerner

Charlotte, N.C., Dec. 19 - The European Commission granted its approval of the pending merger of Teva Pharmaceutical Industries Ltd. and Barr Pharmaceuticals, Inc.

As part of the approval, Teva and Barr must divest formulations of 17 generic drugs in some specific countries, representing about $6 million of the companies' annual sales, a Teva news release said.

In addition, the Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in the proposed merger. The FTC is requiring Teva and Barr to divest some formulations of 16 overlapping on-market generic drugs, representing about $60 million in the companies' annual sales, and 13 overlapping pipeline generic drugs, a Barr news release said.

In July, Teva agreed to acquire Barr for $7.46 billion including the assumption of $1.5 billion in net debt.

Each Barr common share will be converted into $39.90 in cash and 0.6272 Teva American Depositary Receipts, it was reported previously.

The transaction is set close on Tuesday.

Barr is a Montvale, N.J.-based developer, manufacturer and marketer of generic and proprietary pharmaceuticals.

Teva develops, manufactures and markets generic and human pharmaceuticals as well as active pharmaceutical ingredients. The company is based in Petach Tikva, Israel.

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