CEO Shlomo Yanai: This important transaction reinforces Teva's long term strategy of building out our branded and specialty pharmaceuticals business.
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) closed its $6.7 billion acquisition of Cephalon Inc. on Friday. Teva paid $81.50 per share for Cephalon, which has been delisted from Nasdaq.
Teva said that the acquisition will give it a significant presence in over 60 countries and that generated $20 billion pro-forma revenue in the twelve months through June 2011.
Teva president and CEO Shlomo Yanai said, “This important transaction reinforces Teva's long term strategy of building out our branded and specialty pharmaceuticals business through diversification and expansion of our product portfolio and pipeline, while enhancing our position as the worldwide leader in generics. Our newly-expanded portfolio in central nervous system, oncology, respiratory and women’s health along with our robust pipeline of more than 30 late-stage products truly cements our position as a leader in specialty pharma."
Teva's share price rose 0.4% on Nasdaq on Friday to $39.17, giving a market cap of $34.9 billion, and rose 6.3% at the opening on the TASE today to NIS 149.
Published by Globes [online], Israel business news - www.globes-online.com - on October 16, 2011
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