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Teva acquires Mexican Rimsa pharmaceutical for $2.3 billion

Teva will become a leading pharmaceutical company in Mexico, the second largest market in Latin America and one of the top five emerging markets globally.

Erez Vigodman- TEVA

 

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) is acquiring Rimsa,  an independent pharmaceutical company in Mexico with a portfolio of products and patents in Latin America and Europe in a debt-free, cash free set of transactions, for an aggregate $2.3 billion.

Through this acquisition of Representaciones e Investigaciones Médicas, S.A. de C.V. (Rimsa),  Teva will become a leading pharmaceutical company in Mexico, the second largest market in Latin America and one of the top five emerging markets globally. Teva expects the deal will yield substantial and achievable synergies and offer a platform for growth in the region.

Teva expects to close these transactions by early first quarter, 2016. The acquisition is not expected to impact 2016 non-GAAP earnings and is expected to be accretive starting the first quarter of 2017. The transactions will be funded through a combination of cash on hand and lines of credit.

Teva president and CEO Erez Vigodman said, “This acquisition delivers on our strategy of increasing our presence in key emerging markets in order to position Teva for long-term growth in these markets.

“Rimsa will provide Teva with a significant platform”, Said Vigodman, “for growth by combining the strong Rimsa brand, licensed portfolio of differentiated, patent-protected products, promising pipeline, significant relationships with physicians, patients and healthcare providers and its strong commercial presence.”

Rimsa had revenue in 2014 of $227 million with an annual growth, year over year of 10.6% since 2011. The company has an extensive portfolio of specialty products, including fixed-dose combination products which have fueled its growth. Rimsa’s well-established sales footprint is expected to provide a platform for additional Teva products.

Teva Global Generic Medicines president and CEO Siggi Olaffson said, “In addition to this unique portfolio of patent-protected products, Rimsa differentiates itself as a leading provider of branded specialty drugs, including fixed-dose combinations, which increase adherence and reduce overall costs to patients. We will build on their brand reputation, successful sales force model, well-established commercial footprint and loyal customer base to introduce additional specialty and generic Teva medicines to patients in Mexico and across the region.”

 

 

 

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