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U.S. agency clears Teva, IVAX merger after companies agree to divest 11 generics, distribution rights
By E. Janene Geiss
Philadelphia, Jan. 23 - Teva Pharmaceutical Industries Ltd. and IVAX Corp. announced Monday that the U.S. Federal Trade Commission has accepted the proposed consent order for public comment and granted early termination of the Hart-Scott-Rodino waiting period, thereby permitting the companies to close their merger.
The parties now have obtained all regulatory approvals required to close the transaction and have scheduled a closing date of Jan. 26, according to a joint news release.
Based on the closing date, the election deadline for IVAX shareholders to make a cash or stock election under the merger agreement will be 5 p.m. ET on Jan. 24, officials said.
Under the consent order that has been executed by the companies and accepted for public comment by the trade commission, Teva and IVAX said they are required to divest certain formulations of 11 generic drugs with respect to which they have a product overlap, representing about $15 million in total annual sales.
In addition, generic distribution relationships that IVAX had with respect to certain amoxicillin, amoxicillin and clavulanate, leuprolide and calcitriol products have been or will be terminated and assigned to other companies, officials said.
Teva is a Jerusalem pharmaceutical company and among the largest generic pharmaceutical companies in the world. The company develops, manufactures and markets generic and innovative human pharmaceuticals and active pharmaceutical ingredients.
IVAX, based in Miami, develops, manufactures and markets branded and generic pharmaceuticals and veterinary products.
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