Israel's Teva Completes Acquisition of Croatia's Pliva Owner Barr Pharmaceuticals

"The combined company will have a significant presence in over 60 countries and generated approximately $13.6 billion in revenues on a pro-forma basis for the twelve months ended September 30, 2008," Teva said in a statement.

Teva expects the acquisition to become accretive in the fourth quarter of 2009.

"Now, with access to Teva's broad portfolio, Pliva will become even stronger and increase its standing as the number one pharmaceutical company in Croatia with a much wider offering of products to support the Croatian healthcare system," the statement added.

As part of Teva's Global Generic Resources division, Pliva’s Croatian Operations will gain further access to new markets, thereby becoming an international supplier of finished products and an important part of Teva’s global Operations, the Israeli company said. In the new combined company, Pliva’s business in Croatia will be incorporated in the structure of Teva.

So far, Pliva has served as the European headquarters for Barr.

Pliva’s shares were not traded on Tuesday. On Monday they ended unchanged at 770 kuna ($147/105 euro).

(1 euro = 7.2786 Croatian kuna)