EU extends review of Teva bid for Barr Pharmaceutical

Source: Healthcare Digital

Date :02/12/2008 11:42:27

The European Commission today, December 12, extended its review of Israeli drugmaker Teva Pharmaceutical's bid to acquire U.S. biopharmaceutical and generic drugs marketer Barr Pharmaceuticals Inc.

According to Reuters, the deadline was moved to December 22 from December 8 in order to consider remedies to perceived competition concerns.

Teva, the world's largest generic drug company, said in July it would buy rival Barr for $7.46 billion in an effort to expand its leadership in the U.S. market and bolster its presence in Europe.

Both companies received requests for additional information regarding the planned merger from U.S. regulators in September.