Teva said likely to consider Turkish drug co buy

Reuters reported today that investors, including a Citigroup unit, are considering selling Biofarma.

Sources close to the matter list Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA)among possible buyers of Turkish generic drug maker Biofarma Pharmaceutical Industry Co. Inc.

Reuters reported today that investors, including a Citigroup unit, are considering selling Biofarma. Sources told Reuters that the deal could reach $500 million.

Sources close to the matter said large pharmaceuticals companies may be interested in a tender for the firm, including Pfizer, Abbott Laboratories, and Teva.

A Biofarma acquisition will give the buyer significant inroads in the developing market. Biofarma is owned by private equity firms, not a family, and does not have a significant controlling core to hold up a deal.

Published by Globes [online], Israel business news - www.globes-online.com - on October 12, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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