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news.The US Federal Trade Commission has cleared the way for the completion of the proposed merger between Teva Pharmaceutical Industries and Ivax Corporation by granting early termination of the Hart Scott Rodino waiting period and accepting a proposed consent order for public comment.
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The two companies have now obtained all regulatory approvals required to close the transaction and have scheduled a closing date of January 26, 2006.
Under the consent order, Teva and Ivax are required to divest certain formulations of 11 generic drugs with respect to which they have a product overlap, representing approximately $15 million in aggregate annual sales.
In addition, generic distribution relationships that Ivax had with respect to certain amoxicillin, amoxicillin and clavulanate, leuprolide, and calcitriol products have been or will be terminated and assigned to other companies.