"The completion of the acquisition of Barr Pharmaceuticals is a great step for Teva, which takes the company to a new level of growth," Teva CEO told "Globes" today. Teva Pharmaceutical Industries Ltd. (Nasdaq:TEVA; TASE:TEVA) today completed the acquisition of Barr Pharmaceuticals, the world's fourth largest generic pharmaceutical company, for about $9 billion of which $2 billion was in Barr's debts which Teva assumed responsibility for.
"Without doubt we had a major desire to complete the deal before the end of the year,' said Yanai, "and we have made enormous efforts over the past two months to do so."
Yanai says that his company has so far not felt the effects of the crisis. "We are in an industry in which demand is relatively stable, and Teva is going into the crisis prepared with a clear and proven strategy and financial strength. Like every company we have to cope with changing conditions but we are continuing with out=r plans even in the current reality."
"If we work correctly," he added, "we can carry on growing even in crisis conditions."
"Israel can come out of the crisis stronger," he insisted, "if it knows how to take the right actions. I think we must implement a national plan in cooperation with all bodies - the government, Histadrut, industry and employers."
Published by Globes [online], Israel business news - www.globes-online.com - on December 23, 2008
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