Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) and the US generics company it is set to acquire, Barr Pharmaceuticals Inc. (NYSE: BRL), said yesterday that they had each received a request for additional information (commonly referred to as a “second request”) from the US. Federal Trade Commission (FTC) in connection with Teva’s pending acquisition of Barr.
The parties have been cooperating with the FTC staff since shortly after the announcement of the transaction and say that they intend to continue to cooperate with the FTC to obtain HSR clearance as promptly as possible. The effect of the second request is to extend the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) waiting period until thirty days after the parties have substantially complied with the request.
The FTC usually asks for further information from companies involved in an acquisition or merger if there is a chance that it could harm competition.
Teva and Barr say they expect that the transaction will close in late 2008, following completion of the HSR clearance process, the obtaining of the other required antitrust approvals and the satisfaction of all other closing conditions contained in the merger agreement between the parties, including the approval of Barr stockholders.
Published by Globes [online], Israel business news - www.globes-online.com - on September 4, 2008
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