has received enough shares in a tender offer to buy the Croatian generic-drug maker
for $2.5 billion.
Even though Croatian regulators won't have an official count until Oct. 19, Barr said Pliva shareholders have tendered more than 90% of the stock outstanding, well above the 50%-plus-one needed to close the deal.
Barr expects to complete the transaction by Oct. 25, creating the world's third-largest generic-drug maker behind Israel's
Teva Pharmaceutical Industries
and the Sandoz division of Switzerland's
"Our new, combined company will have revenues of approximately $2.4 billion, a strong balance sheet and a strong cash position," said Bruce Downey, Barr's chairman and CEO. The company's financial foundation is strong enough to let Barr "pay down debt related to the acquisition, as well as provide sufficient capital to fund expanded investment ... in Croatia, and throughout Europe and the United States."
Barr won Pliva following a prolonged
bidding contest with Iceland's