Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has acquired Theramex and related companies, the women's health products division of Germany's Merck KGaA (DAX: MRK) unit Merck Serono, for £265 million, plus milestone payments.
Teva will fund the acquisition from its internal resources, and expects to close the deal by the end of the year or in early 2011.
Theramex offers a wide variety of women's health products sold in 50 countries. It had £100 million revenue in 2009, including sales in the countries in which Teva will acquire distribution rights, such as Spain and Brazil. A large part of its revenue is from direct sales in France and Italy.
Theramex's drug development pipeline includes a new oral contraceptive based on natural estrogens, NOMAC/E2, which has successfully completed a Phase III clinical trial, and has been submitted for approval in Europe.
Theramex has its own R&D team and the company produces most of its own active pharmaceutical ingredients (API).
Teva president and CEO Shlomo Yanai said, "This is an important acquisition for Teva's women's health franchise. Theramex's diversified product portfolio, its seasoned sales force and promising pipeline will be combined with the strong R&D capabilities and product portfolio of our US women's health business. Together the global team will accelerate the expansion of our women's health franchise into key growth markets in Europe and around the world and provide an excellent springboard for future sales."