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July 29th, 2015
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Business

Business & Technology

Israeli Teva Pharmaceutical Makes Historical Acquisition

Israeli Teva Pharmaceutical Makes Historical Acquisition

Teva Pharmaceutical Industries Ltd., the world’s largest generic-drug company by sales, finally agreed to buy Allergan PLC’s generics unit for $40.5 billion. This is the greatest financial acquisition ever made by an Israeli company, Jerusalem Post says. This deal is to spring the company to the highest ranks of global drug manufacturers, placing it among the top 10.

Israeli Prime Minister Netanyahu referenced the transaction proudly at a speech he delivered at the Knesset, where he encouraged other big Israeli companies to follow its example.

Teva has acorded to pay Irish company Allergan $33.75 billion in cash and with shares worth around $6.75 billion, which would make up for about 10% of the company’s ownership. DealBook’s Chad Bray says,“The Allergan deal cements Teva’s position as the world’s biggest seller of off-brand medicine. Last year it recorded revenue of $20.3 billion.”

Teva had been stressed for months over business deal with Mylan, another important pharmaceutical company in the Netherlands. Arrangements were never met since company was pursuing Perrigo, another drug maker to take over.

In this deal, Teva will obtain all of Allergan’s Actavis business, which comprises all its commercial units related to generics and international OTC units. Teva President and Chair Erez Vigodman says, “This transaction delivers on Teva’s strategic objectives in both generics and specialty… we will establish a strong foundation for long-term, sustainable growth, anchored by leading generics capabilities and a world-class late-stage pipeline that will accelerate our ability to build an exceptional portfolio of products – both in generics and specialty as well as the intersection of the two,”

 

Netanyahu in Interview About Israel High-Tech Superpower

Netanyahu in Interview About Israel High-Tech Superpower

In the last few weeks, the Iran Nuclear deal has done a great deal of eclipsing on Israeli economy, predominantly on its further developments in Technology. In the last d...

Jewish Social Entrepreneurs Invited to Apply for $1M Global Challenge

Jewish Social Entrepreneurs Invited to Apply for $1M Global Challenge

Forbes Magazine joins with Schusterman Family Foundation and other partners to launch ‘Under 30 Change-the-World’ Competition

Calling all young Jewish and Israeli social e...

Microsoft, Facebook Set Out on $380M Shopping Spree of Israeli Startups

Microsoft, Facebook Set Out on $380M Shopping Spree of Israeli Startups

ironSource acquires Supersonic mobile app monetization in deal worth some $150 million.

Hot July sales in the Israeli startup arena as Microsoft, Facebook, and ironSource ...

Israel Bond Market Helps U.S. Real Estate Firms with Funds

Israel Bond Market Helps U.S. Real Estate Firms with Funds

New Yorkers Allan Gross, Joel Wiener, Boaz Gilad and David Lichtenstein are getting attention for raising huge sums of money on the Israeli bond market, and using two Tel...

Amazon Says ‘Prime Time’ Will Be Annual Event

Amazon Says ‘Prime Time’ Will Be Annual Event

Amazon representatives reported they plan to make their “Prime Day” sale an annual event after it led to a sales surge and “hundreds of thousands” of new signups for its ...

AnyClip Media Raises $21M

AnyClip Media Raises $21M

AnyClip-Logo1AnyClip Media, a leading content marketing platform for distributing premium branded video, has announced a funding round of $21 million. The investment foll...

Last Updated ( Wednesday, 22 July 2015 07:00 )

Yo, ZenPayroll, Meerkat, Among ‘Cooler’ Startups in Silicon Valley

Yo, ZenPayroll, Meerkat, Among ‘Cooler’ Startups in Silicon Valley

‘Business Insider’ includes three blue-and-white companies in its list of ’38 coolest startups in Silicon Valley.’

Israeli entrepreneurs Or Arbel, Tomer London, Ben Rubin,...

Microsoft Plans Celebratory Debut of Windows 10

Microsoft Plans Celebratory Debut of Windows 10

Special events planned in 13 cities around world in tribute to those who took part in Windows software test

Microsoft on Monday announced plans for a celebratory debut thi...

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