Teva finalises takeover of ratiopharm

Teva has announced the completion of its acquisition of ratiopharm, a deal which will greatly strengthen the firm's standing in the generic pharmaceuticals market.

The deal, which saw Teva pay 3.6 billion euros (three billion pounds) to acquire all of ratiopharm's shares, allows Teva to take control of the second-largest generics manufacturer in Germany.

It means that the company has now become Europe's largest generics firm, with market-leading positions in ten countries, while also strengthening its position in Canada.

Shlomo Yanai, Teva's president and chief executive officer, stated that this European expansion represents a key component of the firm's long-term growth strategy.

He added: "Together we will continue to make affordable, high-quality medicine accessible to more and more patients across Europe."

This comes after Teva published its financial results for the second quarter of the year earlier this month, reporting record-breaking levels of sales and growth, driven by the strong performance of drugs such as Copaxone.