Teva Pharmaceutical said Friday it will buy rival generic drugmaker Barr Pharmaceuticals for nearly $7.5 billion in a move that will boost Teva's dominance as the world's biggest generic drugmaker.
The deal continues consolidation of the generic-drug sector, driven by growth prospects as governments and other payers turn to the lower-priced medications and by the impending expiration of brand-name drug patents worth billions of dollars a year.
Israel-based Teva Pharmaceutical Industries Ltd. said acquiring Montvale, N.J.-based Barr Pharmaceuticals Inc., the world's No. 4 generic drug maker, will also expand its presence in U.S. and other key markets.
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IAC/InterActiveCorp signed agreements to place $840 million in bonds and $1.15 billion in senior credit facilities tied to the spinoffs of four divisions – including Charlotte-based LendingTree – moving the company closer to completing the breakup next month.
Proceeds primarily will pay a dividend to IAC before the spinoffs, finance a tender offer for other notes and fund expansion, the New York-based company said Friday.
The deal will leave IAC with $1.3 billion in cash for Chairman Barry Diller to invest in its Ask.com search engine, acquisitions, emerging Web sites that IAC develops and possibly to buy back stock, Chief Financial Officer Tom McInerney said July 7. Bloomberg News
Legg Mason Capital Management Inc. Chairman Bill Miller is backing Yahoo! Inc. Chief Executive Officer Jerry Yang in a fight for control of the board, saying a proxy contest with Carl Icahn would be disruptive.
Legg Mason Capital Management is the third-biggest of Yahoo's institutional investors, with 60.7 million, or 4.4 percent, of outstanding shares, worth about $1.36 billion. It will support the Internet company's current directors at the Aug. 1 annual meeting, Miller said Friday.
Legg Mason is the first large institutional shareholder to publicly support the board, improving Yang's chances of staying in power. Icahn, 72, has recruited BP Capital LLC Chairman Boone Pickens and hedge-fund manager John Paulson in his campaign to unseat the directors and force Yahoo to strike a deal with Microsoft Corp., which wants to buy Yahoo's search business. Bloomberg News