July 26, 2005
Teva Pharmaceutical Industries Ltd., announces agreement to acquire Ivax Corporation for approximately $7.4 billion.
On July 25, Willkie client Teva Pharmaceutical Industries Ltd. announced that it has entered into a definitive agreement to acquire Ivax Corporation for approximately $7.4 billion. As a result of the transaction, it is expected that Teva will generate sales of over $7 billion, operate directly in over 50 countries, and will employ approximately 25,000 people. The combined company will offer the widest range of cost-effective pharmaceuticals, both generic and branded, to consumers, customers, and healthcare providers. The boards of directors of both companies have unanimously approved the transaction. The deal will involve Teva's paying with a combination of cash and shares (ADRs), for Ivax. This complex transaction required the involvement of multiple legal disciplines leveraging the capabilities of lawyers in a number of Willkie's offices. The transaction will result in Ivax becoming a subsidiary of Teva and its completion is subject to shareholder votes from both corporations as well as antitrust clearance in the U.S. and Europe. Teva is based in Israel and Ivax is based in Miami, Florida. Willkie's role in this transaction has been covered widely in the press, including the July 29 New York Times and the July 28 New York Law Journal. The Willkie team includes lead partners Peter Jakes and Jeffrey Hochman; partners Richard Reinhold, William Rooney, Cornelius Finnegan III, Ted Whitehouse (Washington), Marc van der Woude (Brussels), Donald Elliott (Washington), and Eduardo Fernandez (Paris); special counsel Dr. Julian Lemor (Frankfurt) and Jonathan Konoff; and associates Patrick de Carbuccia, Christopher Peters, David Park, Peter Haller, Sherally Munshi, Scott Eisenberg, Jessica VanderVeen, Douglas Cordiano, Pia Sorvillo (Brussels), and Carolina Wodtke (Frankfurt).
