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Pharma & Bio Ingredients
U.S.-based Barr paid 820 kuna ($141) per share, acquiring 95 percent of the company's voting shares. It has offered to buy the outstanding shares for the same price within four months.
The transaction marks the end of a seven-month long bidding war between Barr and Iceland-based Actavis for Pliva, a leading generic drugmaker in south and eastern Europe.The Barr-Pliva combination creates the third-largest generic pharmaceutical company by revenue. The combined company will have a presence in over 30 countries, employ approximately 8,000 people and have annual revenue of about $2.4 billion.
The acquisition enables Barr to expand its reach to European markets.
However, the U.S. Federal Trade Commission challenged the deal last week, saying it would lead to higher prices of some "lifesaving" generic drugs because of diminished competition.
The FTC says that Barr must sell or divest four generic medications within 10 to 60 days after the acquisition is complete, or face a penalty.
Neither Barr nor Pliva have reacted to FTC demand.
