Teva to acquire Bentley Pharmaceuticals
01 Apr 2008
Israel's Teva Pharmaceutical Industries Ltd. is acquiring Bentley Pharmaceuticals Inc, for Approximately $360 million.
The two companies have announced having entered into a definitive agreement under which Teva will acquire Bentley following the spin-off of Bentley's drug delivery business to its shareholders, which Bentley announced on 23 October 2007.
Shareholders of Bentley will receive approximately $15.02 per share in cash in the acquisition, and also will receive shares of CPEX Pharmaceuticals Inc. pursuant to the spin-off, which will occur before the acquisition.
The boards of directors of both companies have unanimously approved the transaction.
Closing is subject to usual conditions, including completion of the proposed spin-off of Bentley's drug delivery business, antitrust approvals, the approval of Bentley's shareholders, and other customary closing conditions.
The transaction is expected to close in the third quarter of 2008.
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