Teva buying rival Ivax for $7.4B

Shares of Ivax were on the rise this morning after Israeli generic drug maker Teva said it would buy the rival US pharmaceutical company for $7.4 billion in cash and stock. Ivax shareholders will get either $26 in cash for each share or .84 of a share in the new company. The combined company will control more than $7 billion in annual sales of generic drugs and have 25,000 employees. The deal -- the latest in a host of mergers and acquisitions to sweep the biopharma industry -- is expected to close late this year or early next.

- read this report from Canada.com for more

Suggested Articles

Avidity Biosciences is on a roll—after inking an R&D deal with Eli Lilly and hiring a new CEO, the company is reeling in $100 million.

What the NASH field needs, says Genfit CEO Pascal Prigent, is something like the Hb1Ac test for diabetes.

Blocking a newly discovered molecule produced by B cells could slow their flow into the brain and offer a new way to treat MS, a Canadian team found.