Teva/Ivax Merger Spurs FTC Information Request
This article was originally published in The Pink Sheet Daily
Executive Summary
The companies continue to expect the transaction to close in late 2005 or early 2006.
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The U.S. Federal Trade Commission has requested further information from Teva and Ivax regarding the companies' plans to merge, the two generic firms announced Oct. 11. "The parties have been working with the FTC staff since shortly after the announcement of the transaction and intend to respond promptly to the second request," the companies commented, noting the request was "expected." The firms continue to anticipate that the transaction will close in late 2005 or the first quarter of 2006. The second request extends the Hart-Scott-Rodino waiting period until 30 days after both parties have substantially complied with the request. Teva announced its $7.4 bil. acquisition of Ivax in July. The companies claimed "substantial non-overlap" between Ivax' and Teva's abbreviated new drug applications, suggesting that the firms were not anticipating antitrust issues (1 (Also see "Limited ANDA Overlap With Ivax Creates Strong Position For Part D Benefit, Teva Says" - Pink Sheet, 25 Jul, 2005.)). Both companies have shareholders meetings scheduled for Oct. 27. - Mary Bruce |