Novopharm acquisition
This article was originally published in The Tan Sheet
Executive Summary
Teva Pharmaceutical Industries has entered into a letter of intent with Toronto-based Novopharm to acquire the generics firm from Dan Family Holdings for approximately 4.8 mil. Teva shares, the company announces Dec. 2. Based on the day's closing price of 54-1/2, the deal is valued at approximately $261.6 mil. The agreement appears to be contingent on Novopharm selling off its OTC business; the company is finalizing a deal with Leiner Health Products for the sale of its Granutec and Stanley Pharmaceutical subsidiaries (1"The Tan Sheet" Nov. 8, In Brief). The agreement with Leiner is expected to be finalized by year-end, while Teva hopes its Novopharm acquisition can be completed within the next few months