Teva completes purchase of Bentley Pharmaceuticals

Source: Healthcare Digital

Date :23/07/2008 02:13:39

The acquisition of Bentley Pharmaceuticals Inc will give Israel-based Teva a strong platform to become a leading player in Spain.

The pharmaceutical company paid US$360 million in cash, or approximately US$14.82 per share for Bentley, who will operate in Spain under the Teva name.

At closing, Bentley consisted solely of its generic pharmaceutical operations, following the spin-off of its drug delivery business to its stockholders in June 2008.

The unit generated revenues of around US$114 million in 2007.

Spanish market

Over 80 percent of Teva sales are in North America and Western Europe, and it is currently the fourth largest generic company in the Spanish hospital market.

Since 2004, TEVA Genericos Espanola S.L. has introduced more than 60 products targeted both to hospitals and pharmacies.

Teva said that through the combination of its existing operations and Bentley’s operations, it will offer the Spanish market over 170 products, in approximately 465 presentations.

The company added that it will have over 45 products pending generic product registrations.