Teva Pharmaceutical Industries Ltd.'s (NYSE: TEVA; TASE: TEVA) belief that it could complete the largest deal in its history - the $40.5 billion acquisition of Allergan's generic division - in the first quarter of 2016 have proven to be overoptimistic.
When it published its 2015 financial statements a month ago, Teva announced that there would be some delay, and the deal might be completed only in April, due to the actions of the Federal Trade Commission (FTC), the US antitrust authority. Teva today again pushed back the target date, announcing, "While substantial progress has been made towards completing the transaction, Teva now expects completion of the acquisition to take until June 2016, based on the current estimated date for obtaining approval from the FTC."
Teva notes that it is working in cooperation with the FTC for the purpose of obtaining regulatory approval in the US. Several days ago, the European regulatory authorities approved the completion of the deal, provided that Teva sells several assets in order to avoid harming competition.
Published by Globes [online], Israel business news - www.globes-online.com - on March 15, 2016
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