Teva and IVAX Receive European Commission Approval for Acquisition
November 25 2005 - 1:04PM
Business Wire
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) and IVAX
Corporation (AMEX: IVX) announced today that they received
unconditional approval from the European Commission to proceed with
Teva's acquisition of IVAX. This European approval completes the
non-U.S. regulatory review process, which was required to be
completed prior to closing the transaction. Teva and IVAX are
continuing to work closely with the U.S. Federal Trade Commission
to enable the FTC to complete its review processes shortly. As
previously announced, the companies continue to expect that the
transaction will close in late 2005 or early 2006. About Teva Teva
Pharmaceutical Industries Ltd., headquartered in Israel, is among
the top 20 pharmaceutical companies and among the largest generic
pharmaceutical companies in the world. The company develops,
manufactures and markets generic and innovative human
pharmaceuticals and active pharmaceutical ingredients. Close to 90%
of Teva's sales are in North America and Europe. About IVAX IVAX
Corporation, headquartered in Miami, Florida, discovers, develops,
manufactures, and markets branded and brand equivalent (generic)
pharmaceuticals and veterinary products in the U.S. and
internationally. Safe Harbor Statement under the U.S. Private
Securities Litigation Reform Act of 1995: The statements, analyses
and other information contained herein relating to the proposed
merger and anticipated synergies, savings and financial and
operating performance, including estimates for growth, trends in
each of TEVA Pharmaceutical Industries Ltd.'s and IVAX
Corporation's operations and financial results, the markets for
TEVA's and IVAX' products, the future development of TEVA's and
IVAX' business, and the contingencies and uncertainties to which
TEVA and IVAX may be subject, as well as other statements including
words such as "anticipate," "believe," "plan," "estimate,"
"expect," "intend," "will," "should," "may" and other similar
expressions, are "forward-looking statements" under the Private
Securities Litigation Reform Act of 1995. Such statements are made
based upon management's current expectations and beliefs concerning
future events and their potential effects on the company. Actual
results may differ materially from the results anticipated in these
forward-looking statements. Important factors that could cause or
contribute to such differences include whether and when the
proposed acquisition will be consummated and the terms of any
conditions imposed in connection with such closing, TEVA's ability
to rapidly integrate IVAX' operations and achieve expected
synergies, diversion of management time on merger-related issues,
TEVA and IVAX' ability to successfully develop and commercialize
additional pharmaceutical products, the introduction of competitive
generic products, the impact of competition from brand-name
companies that sell or license their own generic products (so
called "authorized generics") or successfully extend the
exclusivity period of their branded products, the effects of
competition on Copaxone(R) sales, regulatory changes that may
prevent TEVA or IVAX from exploiting exclusivity periods, potential
liability for sales of generic products prior to completion of
appellate litigation, including that relating to Neurontin, the
impact of pharmaceutical industry regulation and pending
legislation that could affect the pharmaceutical industry, the
difficulty of predicting U.S. Food and Drug Administration,
European Medicines Association and other regulatory authority
approvals, the regulatory environment and changes in the health
policies and structure of various countries, TEVA's ability to
successfully identify, consummate and integrate acquisitions,
exposure to product liability claims, dependence on patent and
other protections for innovative products, significant operations
outside the United States that may be adversely affected by
terrorism or major hostilities, fluctuations in currency, exchange
and interest rates, operating results and other factors that are
discussed in TEVA 's Annual Report on Form 20-F, IVAX' Annual
Report on Form 10-K and their other filings with the U.S.
Securities and Exchange Commission. Forward-looking statements
speak only as of the date on which they are made, and neither TEVA
nor IVAX undertakes no obligation to update publicly or revise any
forward-looking statement, whether as a result of new information,
future developments or otherwise. This communication is being made
in respect of the proposed merger involving Teva and IVAX. In
connection with the proposed merger, Teva has filed a registration
statement on Form F-4 containing a joint proxy statement/prospectus
for the shareholders of Teva and IVAX with the SEC. Before making
any investment decision, IVAX shareholders and other investors are
urged to read the joint proxy statement/prospectus regarding the
merger and any other relevant documents carefully in their entirety
because they contain important information about the proposed
transaction. The registration statement containing the joint proxy
statement/prospectus and other documents are available free of
charge at the SEC's website, www.sec.gov. You may also obtain the
joint proxy statement/prospectus and other documents free of charge
by contacting IVAX Investor Relations at (305) 575-6000 or Teva
Investor Relations at 972-3-926-7554.
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