FTC Clears Teva's Ivax Deal
Teva Pharmaceutical Industries
(TEVA) - Get Teva Pharmaceutical Industries Ltd. Report
said Monday that the Federal Trade Commission had cleared its purchase of fellow generic drugmaker
Ivax
(IVX)
.
The agency's approval is the last hurdle for the Israel-based company's purchase of Miami's Ivax. The acquisition will close Jan. 26.
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The $7.4 billion deal, announced in late July, enables Teva to reclaim the title of world's biggest generic drug company from the
Sandoz
unit of
Novartis
(NVS) - Get Novartis AG Report
.
In order to obtain FTC approval, Teva and Ivax agreed to divest certain versions of 11 generic drugs, accounting for about $15 million in annual sales. Ivax also will cancel or assign to other companies distribution relationships for a handful of generic products.
