Under the consent order that has been executed by the parties and accepted for public comment by the Federal Trade Commission, Teva and Barr are required to divest certain formulations of 16 overlapping on-market generic drugs, representing approximately $60 million in the companies’ annual sales, and 13 overlapping pipeline generic drugs.
With the approval of the European Commission, the parties have now obtained all regulatory approvals required to close the transaction and, accordingly, have scheduled a closing date of December 23, 2008.