TEVA Pharmaceutical Industries (Netanya, Israel) has signed an agreement to acquire IVAX Corporation (Miami, FL) for approximately $7.4 billion, further cementing Teva’s control of the generics industry.

In a prepared statement, TEVA’s President and CEO Israel Makov said, “The combination of our two complementary businesses will allow TEVA to expand and strengthen our global generic and branded businesses with additional products, a deeper pipeline, and a wider presence in new therapeutic areas and growth markets.”

With the IVAX purchase Teva, gains a strong presence in Latin America and in Central and Eastern Europe, and further expands its operations in North America and Europe. IVAX also brings complementary product lines in generics, a significant respiratory business, and a pipeline of generic and proprietary products in the areas of respiratory, CNS, and oncology. TEVA expects to generate sales of over $7 billion, and will operate in over 50 countries with an employee base of approximately 25,000 people.

–George Koroneos