View printer-friendly version
« Back
January 10, 2006 1:22 p.m.
Teva and IVAX Announce that FTC Review Process Continues on Track and Merger Closing is Expected Shortly

Jerusalem, Israel and Miami, Florida, January 10, 2006 - Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) and IVAX Corporation (AMEX: IVX) announced today that the closing date of the merger has been rescheduled and will take place on the third business day following their public announcement that the U.S. Federal Trade Commission ("FTC") has accepted the consent order which Teva and IVAX have signed. The transaction cannot be closed without the acceptance of the consent order by the Commissioners of the FTC, and such acceptance has not as yet been obtained.

The FTC review of the consent order is continuing through its ordinary course. While Teva and IVAX have no reason to believe that the acceptance will not be forthcoming shortly, the parties must nevertheless reschedule the closing to permit the process to be completed. Teva and IVAX expect to close the merger later this month.

As the parties previously announced on December 22, 2005, Teva and IVAX have signed a consent order for submission to the FTC in connection with the pending acquisition of IVAX by Teva. The scope of the consent order is consistent with what the parties have anticipated throughout the FTC review process.

The election deadline for making a cash or stock election under the merger agreement will be 5:00 p.m., New York City time, on the first business day following announcement of the rescheduled closing date.

About Teva
Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among the top 20 pharmaceutical companies and among the largest generic pharmaceutical companies in the world. The company develops, manufactures and markets generic and innovative human pharmaceuticals and active pharmaceutical ingredients. Close to 90% of Teva's sales are in North America and Europe.

About IVAX
IVAX Corporation, headquartered in Miami, Florida, discovers, develops, manufactures, and markets branded and brand equivalent (generic) pharmaceuticals and veterinary products in the U.S. and internationally.



Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which express the current beliefs and expectations of management. Such statements are based on management's current beliefs and expectations and involve a number of known and unknown risks and uncertainties that could cause Teva's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to Teva's ability to rapidly integrate Ivax Corporation's operations and achieve expected synergies, Teva's ability to successfully develop and commercialize additional pharmaceutical products, the introduction of competitive generic products, the impact of competition from brand-name companies that sell or license their own generic products under generic trade dress and at generic prices (so called "authorized generics") or seek to delay the introduction of generic products, regulatory changes that may prevent Teva from exploiting exclusivity periods, potential liability for sales of generic products prior to a final court decision, including that relating to the generic versions of Allegra®, Neurontin®, Oxycontin® and Zithromax®, the effects of competition on Copaxone® sales, the impact of pharmaceutical industry regulation and pending legislation that could affect the pharmaceutical industry, the difficulty of predicting U.S. Food and Drug Administration, European Medicines Association and other regulatory authority approvals, the regulatory environment and changes in the health policies and structure of various countries, Teva's ability to successfully identify, consummate and integrate acquisitions, exposure to product liability claims, dependence on patent and other protections for innovative products, significant operations outside the United States that may be adversely affected by terrorism or major hostilities, fluctuations in currency, exchange and interest rates, operating results and other factors that are discussed in Teva's Annual Report on Form 20-F and its other filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.