Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) said today that it will raise an additional $658 million in underwriters' options for its previously announced offerings of its American Depositary Shares. Following the exercising of these options, due to close on January 6, this will bring to $7.24 billion the amount raised by the Israeli company in its current offering.
Teva will use the net proceeds from these offerings towards the cash portion of its $40.5 billion acquisition of Allegan's generic division and its $2.3 billion acquisition of Mexican pharmaceutical company Rimsa. Pending such use, Teva has used certain of the proceeds towards the repayment of debt. If for any reason the acquisitions do not close, Teva expects to use the net proceeds from these offerings for general corporate purposes.
Barclays, Band of America Merrill Lynch, Citigroup, Morgan Stanley, BNP PARIBAS, Credit Suisse, HSBC, Mizuho Securities, RBC Capital Markets and SMBC Nikko acted as the joint book-running managers for the offerings. Rothschild served as financial advisor to Teva in connection with the offerings.
Willkie Farr & Gallagher LLP and Tulchinsky Stern Marciano Cohen Levitski & Co. represented Teva in the offerings. Cleary Gottlieb Steen & Hamilton LLP and Herzog Fox & Neeman represented the underwriters.
Published by Globes [online], Israel business news - www.globes-online.com - on January 3, 2016
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