Teva mulling acquisition in South Africa - report

"Business Report": Adcock Ingram, South Africa's largest pharmaceutical company, has received acquisition offers.

The share price of Adcock Ingram Holdings Ltd. (JSE: AIP), South Africa's largest pharmaceutical company, rose on Friday to a two-year high, after the company said that it had received offers to buy the company or a controlling stake, states South Africa's "Business Report". The newspaper added that Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) was one of the companies was had expressed an interest in buying the company

"Business Report" also mentioned Sanofi SA (Euronext: SAN; NYSE: SNY), Baxter International Inc. (NYSE: BAX), and Reckitt-Benckiser plc (LSE: RB).

Adcock Ingram's products include Panado painkillers and Corenza cold medicine. The company's share price rose 8.9% to 67.50 rand on the Johannesburg Stock Exchange on Friday, its highest level since November 2010, giving a market cap of $1.3 billion.

Adcock Ingram has a marketing and distribution agreement with Merck & Co. (NYSE: MRK) for the sale of non-prescription and hypertension drugs. JPMorgan says that a bidding war for Adcock Ingram could push its share price up to 75.80 rand.

Published by Globes [online], Israel business news - www.globes-online.com - on May 13, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

5 Comments
View comments in rows
Update by email about comments talkback
POST
Comments
Your name
Please insert your name
Content
Hyperlink in a new window Hyperlink Right Left underline italic bold Bulleted List Ordered List Face1 Face2 Face3 Face4 Face5 Face6
Your comment

Thanks
You comment was recieved and soon will be published.
In posting comments, I agree to abide by the Terms of Use
Globes encourages lively and frank debate, but posts that the editors consider merely abusive or otherwise inappropriate will be removed. Report inappropriate content
Thank you for posting your comment, which will be reviewed for publication.
Loading Comments...load
Load more comments
Twitter Facebook Linkedin RSS Newsletters גלובס