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.

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