Teva Pharmaceutical to buy Ivax for $7.4 billion

Manufacturing News, Source : TheManufacturer.com
Published : 25 Jul 2005 16:05

Generic drug manufacturer Teva Pharmaceutical Industries and its rival, Ivax, jointly announced today that they have signed a definitive agreement providing for the acquisition of Ivax by Teva.

The transaction has a total purchase price of approximately $7.4 billion.

Based on the existing operations of Teva and Ivax, and assuming completion of the transaction, Teva will generate sales of over $7 billion, it will operate directly in over 50 countries, and will employ approximately 25,000 people. Ivax will become a subsidiary of Teva in the deal.

Commenting on today’s transaction, Israel Makov, TEVA’s president and CEO, said: “This is a truly exciting day for Teva. Ivax, like Teva, has been a pioneer in its strategies for globalization and growth. Bringing our two companies together will vastly enhance our leadership position in the global generic industry.”

Headquartered in Israel, 91 percent of Teva’s sales, which totaled $4.8 billion in 2004, are in North America and Europe. Teva has approximately 14,000 employees worldwide, and production facilities in Israel, North America, Europe, and Mexico.

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