Teva receives positive tender offer results from health insurance company

Teva has said it has received notification from German health insurance company Allgemeinen Ortskrankenkassen (AOK), on the results of a tender for finished dosage pharmaceutical products.

Along with a partner, the organisation was chosen as the supplier of 15 contracts – which represent approximately 20 per cent of the tender value.

Gerard van Odijk, president and chief executive officer of Teva Europe, said the AOK tenders have created an opportunity for the company to “penetrate” the German generics market.

He added: “We believe that with a broader product portfolio which we are continuously expanding and Teva’s scale and backward integrated operations, we will become a significant player in the German generics market.”

In other news, Teva’s buyout of Barr Pharmaceuticals has been approved by its shareholders.

The announcement follows July’s agreement that saw the company acquiring a 100 per cent stake for $7.46 billion (4.92 billion pounds) in stock and cash – equivalent to $66.50 per share.

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

Over 80 percent of the organisation’s sales – which totalled $9.4 billion (6.35 billion pounds) in 2007 – are in Europe and North America.