The acquisition of Barr Pharmaceuticals Inc. (NYSE: BRL) was the focus of attention at an investors conference Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) held in New York. "Teva and Barr are a match made in heaven," said Teva CFO Eyal Desheh.
Teva president and CEO Shlomo Yanai reiterated his comments on the strategic fit between the company and Barr, and Barr's expected contribution to Teva at several levels. "1.6 million prescriptions for Teva and Barr drugs are filled every day in the US, double the number for Mylan drugs, which is in second place," he said.
Yanai added that Teva has a large presence in Europe, even before the merger with Barr, and that the deal will strengthen Teva's presence in this market.
Teva VP Europe Dr. Gerard Van Odijk noted that the strengthening would most likely occur in Germany, Poland, and Russia. "Germany is a very important market, and this deal will give us a strong position there. Teva's products will be on the shelves of every pharmacy in Germany," he said.
Teva vice chairman Philip Frost is a man was once at the target side of a Teva acquisition when he headed Ivax Corporation, acquired by Teva three years ago. He added, "On behalf of the board of directors, but more importantly, as an investor in Teva, I want to thank Shlomo for this good deal for Teva." He also praised Barr chairman and CEO Bruce Downey as a "dear friend and colleague" and said that they were now members of the same family.
Teva was due to close its $360 million acquisition of Bentley Pharmaceuticals Inc. (NYSE: BNT) today, when Bentley's shareholders approve it.
Yanai also mentioned Azilect, Teva's brand drug for the treatment of Parkinson's disease. Teva recently published favorable results of a clinical trial for the drug, which indicated that it slowed progression of the disease. Teva will disclose more details about the trial at a medical conference in late August. Yanai said, "The scientific community will be able to evaluate what we consider to be a breakthrough." As for the business potential, he said, "It's premature to discuss this, but I believe that Azilect will be become a significant future Teva product, at least as much as Copaxone."
Published by Globes [online], Israel business news - www.globes-online.com - on July 22, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008