Teva and IVAX Announce that FTC Review Process Continues on Track and Merger Closing is Expected Shortly
January 10 2006 - 7:50AM
Business Wire
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) and IVAX
Corporation (AMEX: IVX) announced today that the closing date of
the merger has been rescheduled. The U.S. Federal Trade Commission
("FTC") is continuing to review the consent order which Teva and
IVAX signed in connection with the pending acquisition of IVAX.
While the FTC review is continuing through its ordinary course, the
transaction cannot be closed without the acceptance of the consent
order by the Commissioners of the FTC, and such acceptance has not
as yet been obtained. Teva and IVAX have no reason to believe that
the acceptance will not be forthcoming shortly, and expect to close
the merger later this month. Teva and IVAX will promptly announce
the acceptance by the FTC of the consent order upon its receipt,
and will schedule the closing for the third business day following
such announcement. The election deadline for making a cash or stock
election under the merger agreement will be 5:00 p.m., New York
City time, on the first business day following announcement of the
rescheduled closing date. About Teva Teva Pharmaceutical Industries
Ltd., headquartered in Israel, is among the top 20 pharmaceutical
companies and among the largest generic pharmaceutical companies in
the world. The company develops, manufactures and markets generic
and innovative human pharmaceuticals and active pharmaceutical
ingredients. Close to 90% of Teva's sales are in North America and
Europe. About IVAX IVAX Corporation, headquartered in Miami,
Florida, discovers, develops, manufactures, and markets branded and
brand equivalent (generic) pharmaceuticals and veterinary products
in the U.S. and internationally. Safe Harbor Statement under the
U.S. Private Securities Litigation Reform Act of 1995: The
statements, analyses and other information contained herein
relating to the proposed merger and the contingencies and
uncertainties to which Teva and IVAX may be subject, as well as
other statements including words such as "anticipate," "believe,"
"plan," "estimate," "expect," "intend," "will," "should," "may" and
other similar expressions, are "forward-looking statements" under
the Private Securities Litigation Reform Act of 1995. Such
statements are made based upon management's current expectations
and beliefs concerning future events and their potential effects on
the company. Actual results may differ materially from the results
anticipated in these forward-looking statements. Important factors
that could cause or contribute to such differences include whether
and when the proposed acquisition will be consummated and the terms
of the conditions imposed in connection with such closing,
including divestitures required in connection with obtaining
antitrust approvals, Teva's ability to rapidly integrate IVAX's
operations and achieve expected synergies, diversion of management
time on merger-related issues, Teva and IVAX's ability to
successfully develop and commercialize additional pharmaceutical
products, the introduction of competitive generic products, the
impact of competition from brand-name companies that sell or
license their own generic products (so called "authorized
generics") or successfully extend the exclusivity period of their
branded products, the effects of competition on Copaxone(R) sales,
regulatory changes that may prevent Teva or IVAX from exploiting
exclusivity periods, potential liability for sales of generic
products prior to completion of appellate litigation, including
that relating to Allegra(R), Neurontin(R), Oxycontin(R) and
Zithromax(R), the impact of pharmaceutical industry regulation and
pending legislation that could affect the pharmaceutical industry,
the difficulty of predicting U.S. Food and Drug Administration,
European Medicines Association and other regulatory authority
approvals, the regulatory environment and changes in the health
policies and structure of various countries, Teva's ability to
successfully identify, consummate and integrate acquisitions,
exposure to product liability claims, dependence on patent and
other protections for innovative products, significant operations
outside the United States that may be adversely affected by
terrorism or major hostilities, fluctuations in currency, exchange
and interest rates, operating results and other factors that are
discussed in Teva's Annual Report on Form 20-F, IVAX's Annual
Report on Form 10-K and their other filings with the U.S.
Securities and Exchange Commission. Forward-looking statements
speak only as of the date on which they are made, and neither Teva
nor IVAX undertakes no obligation to update publicly or revise any
forward-looking statement, whether as a result of new information,
future developments or otherwise. This communication is being made
in respect of the proposed merger involving Teva and IVAX. In
connection with the proposed merger, Teva has filed a registration
statement on Form F-4 containing a joint proxy statement/prospectus
for the shareholders of Teva and IVAX with the SEC. Before making
any investment decision, IVAX shareholders and other investors are
urged to read the joint proxy statement/prospectus regarding the
merger and any other relevant documents carefully in their entirety
because they contain important information about the proposed
transaction. The registration statement containing the joint proxy
statement/prospectus and other documents are available free of
charge at the SEC's website, www.sec.gov. You may also obtain the
joint proxy statement/prospectus and other documents free of charge
by contacting IVAX Investor Relations at (305) 575-6000 or Teva
Investor Relations at 972-3-926-7554.
Ivax Diagnostics (AMEX:IVX)
Historical Stock Chart
From May 2024 to Jun 2024
Ivax Diagnostics (AMEX:IVX)
Historical Stock Chart
From Jun 2023 to Jun 2024