FTC calls for more info on Teva's buy of Barr

Israel-headquartered Teva Pharmaceutical Industries and USA-based Barr Pharmaceuticals say that, as expected, each party has received a request for additional information (commonly referred to as a "second request") from the Federal Trade Commission in connection with Teva's pending acquisition of Barr, in an agreed bid worth $7.46 billion (Marketletter July 28).

The parties have been cooperating with the FTC staff since shortly after the announcement of the transaction and intend to continue to do so to obtain HSR clearance as promptly as possible.

The effect of the second request is to extend the Hart-Scott-Rodino Antitrust Improvements Act of 1976 waiting time until 30 days after the parties have substantially complied with the request, unless that period is terminated sooner by the FTC. The companies continue to expect that the transaction will close in late 2008, following completion of the HSR clearance process, the obtaining of the other required antitrust approvals and the satisfaction of all other closing conditions contained in the merger agreement between the parties, including the approval of Barr stockholders.