Teva completes purchase of Theramex from Merck Serono

Teva has completed its buyout of Merck Serono's European women's health business unit Theramex.

The deal, which was originally agreed in October 2010, sees Teva pay around 265 million euros (223.7 million pounds) to take control of the business unit from the Merck KGaA group.

Following the completion of the transaction, Teva will be able to expand its portfolio of women's health and gynaecology products with a variety of established treatments, which are available in more than 50 nations.

It will also take control of Theramex's pipeline developments, including the natural oestrogen-based contraceptive NOMAC/E2, which has been submitted for European approval based on its success in phase III clinical trials.

Commenting on the deal last year, Teva president and chief executive officer Shlomo Yanai said: "We very much look forward to working together with Theramex's experienced management team and having its work force join the Teva family."

This comes after Teva completed a takeover of the Germany-based generic drugs company ratiopharm in August 2010.