search
Front > News

Teva mulls buying Pfizer's Brazilian venture - report

Teva photo: Reuters
Teva photo: Reuters
27 Jul, 2016 15:03
שלח תגובה במיילShiri Habib-Valdhorn

Teuto|Pfizer would expand Teva limited presence in the Brazilian market, "Reuters" reports.

Until now, Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) has had only limited presence in the Brazilian market, one of the world's largest markets, but the solution for this may have been found. "Reuters" reports that Teva is one of the companies interested in acquiring Laboratório Teuto|Pfizer, Latin America's largest pharmaceutical plant, which is a joint venture of drug giant Pfizer (40%) and the Brazilian Melo family (60%). Teva is not the only bidder - according to "Reuters", Mylan N.V. (Nasdaq: MYL; TASE: MYL) and Sun Pharmaceutical Industries Ltd. are also interested. Mylan, like Teva is dual-listed on the Tel Aviv Stock Exchange and Wall Street; Sun also has an Israeli connection, after acquiring Haifa-based company Taro Pharmaceutical Industries Ltd. (NYSE: TARO).

According to the report, the Teuto|Pfizer partners agreed on the sale and employed an investment banker; none of the relevant parties commented on the "Reuters" report, other than Teva, which said it would not comment on market rumors. Pfizer acquired its stake in the venture six years ago, for $240 million.

Brazil is the largest generic drug market in Latin America, followed by the Mexican market, where Teva recently acquired Rimsa for $2.3 billion. "Reuters" reported that in 2015, the Brazilian market grew by 10%, slowing from a 15% percent in 2014.

Teva has recently completed a massive raise of $20.4 billion in debt capital, aimed at financing the acquisition of Allergan's generic division the largest deal in Teva's history (nearing $40 billion), which still awaits the approval of US regulators.

Teva is managed by CEO Erez Vigodman, traded in the Tel Aviv and New York stock exchanges and has a market cap of $49.6 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on July 27, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Teva photo: Reuters
Teva photo: Reuters
Inflation credit: Tali Bogdanovsky Unexpectedly low February CPI reading cuts inflation

While inflation in Israel in the 12 months to the end of February 2025 is lower than forecast, housing prices continue to rise.

Yitzhak Tshuva credit: Gidon Levy and Tali Bogdanovsky Competition Authority allows Delek takeover of Isracard

The Competition Authority is considered the easier of the two regulatory hurdles that the deal must overcome, the other being the Supervisor of Banks.

David Amsalem credit Noam Moskowitz, Knesset Spokesperson's Office Rafael to pay state NIS 444m dividend

The minister in charge of the Government Companies Authority, David Amsalem, has approved the payment by the defense company.

Barak MX air defense system credit: IAI IAI profit jumps 55%

Israel Aerospace Industries posted a net profit of $493 million for 2024, and ended the year with an all-time high orders backlog of $25 billion.

A TSG system in tactical use credit: PR TSG signs cooperation agreement with US defense co

The agreement includes the integration of TSG's advanced technologies into sensor-based defense systems, which will be integrated into the operational systems of US defense units.

Bria CEO Yair Adato credit: Kseniia Poliak Israeli visual generative AI co Bria raises $40m

Bria’s Visual Generative AI platform empowers businesses to create predictable, controllable, and on-brand content that aligns with their visual language.

Amnon Shashua and Aviram Ziv credit: Eyal Izhar OrCam stymied by investor dispute with Shashua

Demands by institutional investors are blocking the visual and hearing impairment device developer's recovery plan.

Work on the Green Line credit: Bar Lavi Egged wins tender to operate TA light rail Purple, Green Lines

NTA awarded the tender to Egged, which already operates the Red Line, despite government ministry opposition to one operator for the entire network.

Gabi Seroussi illustration: Gil Gibli Board chooses Seroussi as IAI chair as Erdan freezes candidacy

Israel Aerospace Industries board chose Gabi Seroussi as chair even though he did not to go through the preliminary process of the Government Companies Authority appointments review committee.

Bavli Park penthouse credit: Eyal Tagar Tel Aviv Park Bavli penthouse sells for NIS 43m

A 44th floor penthouse in one of the two towers in businessman Yitzhak Tshuva's Park Bavli project has been bought by an Israeli businessperson.

El Al aircraft credit: Yoav Yaari El Al pilots receive nearly NIS 250,000 bonus each

Thanks to the agreements signed with the unions in 2018, El Al's employees as well as senior management share in last year's success.

Pentera CEO Amitai Ratzon credit: Eyal Izhar Israeli security validation co Pentera raises $60m

Pentera's platform enables security teams to analyze complete attack paths, identify root causes, and prioritize remediation for effective risk reduction.

Tel Aviv credit: Shutterstock Supply of unsold new homes hits record

Israel's real estate market is sliding into recession with 78,000 unsold new apartments in January, the Central Bureau of Statistics reports.

D&B chairman Doron Cohen and Meitar partner Dan Geva Meitar reclaims title of Israel's biggest law firm

Meitar has first place with 537 lawyers, followed by Herzog Fox Neeman with 512 lawyers, according to the latest Dun's 100 rankings.

First International Bank of Israel CEO Eli Cohen credit: Eyal Toueg First Int'l posts top return on equity

First International Bank of Israel's return on equity in 2024 was 19%, the highest among Israel's banks.

Dina Ben Tal Ganancia credit: Guy Kushi & Yariv Fein El Al almost quintuples profit

The airline posted a net profit of $545 million for 2024, 4.7 times the profit in 2023, and an all-time high.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018