Teva purchases Bentley for $360 million

NEW YORK Teva Pharmaceuticals announced on Monday its decision to pay Bentley Pharmaceuticals for $360 million in cash to expand its business to Spain.

According to published reports, Teva has been trying to break into Spain’s market since 2004 and has established itself as the fourth-largest genetic drug company in Spain. After the deal closes, Teva will be able to provide more than 170 products to the Spanish market, and will have 45 products awaiting generic product registrations. One hundred and thirty of those products were initially pharmaceutical products of Bentley’s but will now aid in the Israel-based company’s surge to take the Spanish market by storm.

The acquisition is expected to close in the third quarter of 2008, and upon the announcement, Teva’s shares rose 0.6 percent (29 cents) to $46.36. The Bentley shareholders will receive $15.02 per share in cash for the acquisition, according to published reports.

Teva’s president, Schlomo Yanai said of their new purchase, “Spain was identified as one of our target markets in the strategic review we conducted last year. We are extremely pleased that we will have Bentley’s strong management and work force, complementing our existing management team, to support our growth strategy.”