Teva Pharmaceutical Industries Ltd., has concluded a deal to buy Ivax Corp., (IVX:Nasdaq) its biggest U.S. rival, for $7.4 billion in cash and shares The deal will restore Teva's No. 1 position in the market for generic medicines
The purchase will be the largest ever by an Israeli company, surpassing Teva's $3.1 billion purchase of the American Sicor Inc. in January 2004. Teva, with a market value $19.4 billion, is Israel's largest company by market value.