Teva Completes Acquisition of Bentley Pharmaceuticals

Posted on: Wednesday, 23 July 2008, 03:00 CDT Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) announced today that it has completed its acquisition of Bentley Pharmaceuticals, Inc. (NYSE: BNT), which will operate in Spain under the Teva name. At closing, Bentley consisted solely of its generic pharmaceutical operations, following the spin-off of its drug delivery business to its stockholders on June 30, 2008. The aggregate purchase price paid by Teva was approximately $360 million in cash, or approximately $14.82 per Bentley share. As one of the fastest growing markets in Europe, Spain was identified as a target market in the Company's 5-year strategic plan. This acquisition is expected to provide Teva with a platform to capture a leading position in the Spanish generics market. As previously announced, Teva expects that... [read full story]