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Teva raises extra $658 million in underwriters’ options

The exercising of the underwriters’ options brings the total raised by Teva Pharmaceuticals in its current offering to $7.24 billion.

Erez Vigodman,   Teva

The underwriters for Teva Pharmaceutical Industries’ share offering last month have exercised their over-allotment option to purchase additional shares worth $658 million.

Following the exercising of these options, due to close on January 6, this will bring to $7.24 billion the amount raised by the Israeli company in its current offering.

Teva will use the net proceeds from these offerings towards the cash portion of its $40.5 billion acquisition of Allergan’s generic division and its $2.3 billion acquisition of Mexican pharmaceutical company Rimsa. Pending such use, Teva has used certain of the proceeds towards the repayment of debt. If for any reason the acquisitions do not close, Teva expects to use the net proceeds from these offerings for general corporate purposes.

Barclays, Band of America Merrill Lynch, Citigroup, Morgan Stanley, BNP PARIBAS, Credit Suisse, HSBC, Mizuho Securities, RBC Capital Markets and SMBC Nikko acted as the joint book-running managers for the offerings. Rothschild served as financial advisor to Teva in connection with the offerings.

Willkie Farr & Gallagher LLP and Tulchinsky Stern Marciano Cohen Levitski & Co. represented Teva in the offerings. Cleary Gottlieb Steen & Hamilton LLP and Herzog Fox & Neeman represented the underwriters.

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