Teva to acquire Barr Pharma for about $7.46 bln plus debt - Update 1

EDITOR'S PICK (RTTNews) - Israeli generic drug maker Teva Pharmaceutical Industries Ltd. (TEVA: ) said Friday morning it has agreed to acquire 100% of another generic drug manufacturer Barr Pharmaceuticals, Inc. (BRL: ) for about $7.46 billion, in cash and stock, plus assumption of net debt of about $1.5 billion. The proposed acquisition has been unanimously approved by the boards of directors of both companies. Further, the transaction requires approval by the stockholders of Barr, antitrust notification and clearance statutes in North America and Europe. Pursuant to the agreement, each share of Barr common stock would be converted into $39.90 in cash and 0.6272 Teva ADRs. Based upon the closing price of Teva's ADRs on July 16 of $42.41, the combined consideration for each outstanding share of Barr common stock amounts to... [read full story]