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 NEW YORK (AP) - In a deal that will create the world's largest generic drug company, Teva Pharmaceutical Industries Ltd. said Monday it is acquiring rival Ivax Corp. for about $7.4 billion in cash and stock. Ivax shares climbed 10 percent.
The acquisition comes as the generic drug industry has been benefiting from a drive to lower health care costs and a spate of patent expirations on major medicines. But competition among generic makers is intensifying and the deal may trigger further consolidation
"We are very excited about the deal because it directly expands our leadership position in the worldwide generics business," said George Barrett, president and CEO of Teva North America Inc. "Health care systems all over the globe are struggling with health care costs."
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