FTC Clears Teva's Ivax Deal

Teva Pharmaceutical Industries

(TEVA) - Get 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.

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 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.