Teva strengthens generics market position with Ratiopharm buyout

Teva has agreed to purchase the German generic drug company Ratiopharm in a deal which will create the largest generics specialist in Europe.

The two companies have entered into a 3.6 billion euro (3.2 billion pounds) deal which will see Teva gain control of Ratiopharm’s extensive portfolio, which includes around 500 molecules in more than 10,000 presentation forms.

Ratiopharm is currently the world’s sixth-largest generic drug company, which means that Teva will become a global leader once the transaction closes later this year, with joint European pro forma sales totalling $5.2 billion (3.5 billion pounds).

Shlomo Yanai, Teva’s president and chief executive officer, stated that this represents an “important acquisition” which ties in with the company’s long-term growth strategy.

He added: “Together, we will be able to realise the vision of increasing patients’ access to safe, high-quality, affordable medications even more quickly and deliver even more value to our stakeholders across the globe.”

Earlier this month, the company appointed Dr Phillip Frost as the chairman of its board of directors, due to the departure of former chairman Eli Hurvitz following health problems.