COMMISSION CLEARS ISRAELI PHARMACEUTICALS FIRM TEVA TO TAKE OVER IVAX.

The European Commission has given clearance to the acquisition of US pharmaceutical corporation Ivax by Israeli firm Teva Pharmaceutical Industries. Ivax is involved in the research, development and marketing of branded and generic pharmaceutical products while Teva focuses on generic pharmaceuticals and active ingredients. Both companies are present in five common pharmaceutical markets, where they have more than 15% market share, and ten active ingredient markets where at least one of the parties has more than 25% market share. An investigation by the Commission's Merger Task Force into these markets concluded however that the transaction would not impede effective competition. In each market, the increase in market share is very limited and will result in little or no change in the supply structure for active ingredients.