December 19, 2008 / 8:51 PM / 11 years ago

UPDATE 1-Teva gains clearances for Barr deal, sets closing

NEW YORK, Dec 19 (Reuters) - Teva Pharmaceutical Industries Ltd TEVA.O gained clearances on Friday from U.S. and European antitrust regulators for its acquisition of rival generic drugmaker Barr Pharmaceuticals Inc BRL.N and set Dec. 23 as the deal’s closing date.

The U.S. Federal Trade Commission and European Commission approved the acquisition, the final regulatory approvals required to complete the deal, Israel-based Teva said. Teva said in July it would buy New Jersey-based Barr for $7.46 billion to expand in the U.S. and Europe.

To gain U.S. clearance, Teva and Barr must divest formulations of 16 overlapping generic drugs, which represent about $60 million in the companies’ annual sales, Teva said. They will also divest 13 overlapping generic drugs in their experimental pipeline. Together, Barr and Teva had revenue of about $11.9 billion in 2007.

Watson Pharmaceuticals Inc WPI.N and Qualitest Pharmaceuticals will buy the divested products, according to the FTC.

Teva shares were down 53 cents, or 1.2 percent, to $43.63 in afternoon trading on the Nasdaq. Barr shares were up 50 cents at $67.05 on the New York Stock Exchange. (Reporting by Lewis Krauskopf; Editing by Andre Grenon)

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