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FTC Clears Teva's Ivax Deal

The purchase should close Jan. 26.

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




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


unit of


(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.