Teva: EU extends antitrust probe

Teva has been told by the European Commission that it is to extend its antitrust probe into the company’s proposed takeover of Barr Pharmaceuticals.

The addition of ten working days is due to commitments offered by Teva, however these were not specified.

As a result, a new deadline of December 22nd has been set to clear the deal.

The proposed buying of Barr – for $7.46 billion (4.97 billion pounds) – is part of the company’s aim to lift its position in emerging markets, along with expanding its product portfolio.

Last month, Teva’s buyout of Barr Pharmaceuticals was approved by Barr’s shareholders.

Speaking at the time, Bruce Downey, the company’s chairman and chief executive officer, said: “We and Teva continue to anticipate completing this transaction prior to the end of the year and combining our two strong organisations.”

Based in Israel, Teva says it is among the top 20 pharmaceutical companies in the world.

The organisation manufactures, develops and markets generic and innovative human pharmaceuticals, active ingredients and animal health pharmaceutical products.

Over 80 percent of Teva’s sales – which totalled $9.4 billion in 2007 – are in Europe and North America.