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“The Sunday Times”: Teva in bid for Pinewood
By Gil Shlomo
Jul 10, 2006, 10:54
The “Sunday Times” reported yesterday that Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) is one of the candidates in the running to acquired Irish generic drug manufacturer Pinewood Healthcare. The company is expected to be sold for €120 million, and a deal is expected to be concluded by the end of this month.
Teva is one of eight companies in the running for Pinewood, together with Barr Pharmaceuticals (NYSE: BRL), a New Jersey-based group, Germany’s Stada Axzneimittel AG (XETRA: SAZ), Iceland’s Actavis (ICEX: ACT), and Cadila Pharmaceuticals of India.
Pinewood is one of Ireland’s largest generic manufacturers and employs 325 people. The company is headed by Michael Costello, who is also its largest shareholder. Pinewood claims to be the only generic manufacturer in Ireland.
Pinewood posted pre-tax profits of €5.5m in the year to June 2005, up 38% on the previous year. Sales rose by 27% to almost €46.2m.
Teva’s last acquisition was in January, when it took over Ivax Corp. Last week, CFO Teva CFO Dan Suesskind said that “Teva needs to rest for a bit, and not make any more acquisitions for the time being, at least not any big ones.” Despite this, speculation was rife in Japan over the possibility that Sawai Pharmaceutical Company Ltd. (TSE:4555), could be an acquisition target for Teva.
Published by Globes [online], Israel business news - www.globes.co.il - on July 10, 2006
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