Teva Wins Bid for Ratiopharm
Updated from 5:36 a.m. EDT
PETAH TIKVA, Israel (
) --
Teva Pharmaceutical Industries
(TEVA) - Get Report
agreed to buy Germany's second largest generics producer
Ratiopharm
for 3.625 billion euros ($4.9 billion).
The combined company's 2009 pro forma revenue would have been $16.2 billion.
Teva expects to complete the transaction by the end of the year.
By winning the auction for Ratiopharm, Teva tops
Pfizer
(PFE) - Get Report
and Iceland's
Actavis
which also took part in the auction.
The acquisition is Teva's biggest since it bought
Barr Pharmaceuticals
for $7.4 billion two years ago.
"This is an important acquisition for Teva. This transaction is perfectly aligned with our long-term strategy in which Europe is an important pillar and growth driver," said Shlomo Yanai, Teva's CEO, in a statement.
-- Written by Andrea Tse and Joseph Woelfel in New York.
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