Shareholders have now approved the planned acquisition of US generics company Biocraft by the Israel's Teva Pharmaceutical Industries (Marketletter February 5), and the transaction has been completed. Teva chief executive Eli Hurvitz has said the acquisition "considerably enhances Teva's production and distribution capabilities" and will strengthen its position "as one of the leading generic drug companies in the USA." While the merger is expected to result in considerable synergies and cost savings in the near future, the transaction will result in a one-time charge in excess of $10 million, to be taken in second quarter 1996.
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