Teva Pharmaceutical Industries Ltd has reached an agreement to acquire Pfizer's Italian generic pharmaceutical marketing company, Dorom S.r.l. The cash transaction, which is valued at up to 2.3 times sales, subject to adjustments, is expected to close in December 2004, subject to closing conditions.
Dorom is one of the two largest suppliers of generic pharmaceuticals to the Italian retail market. Dorom's sales for the 12 months ended June 30, 2004, were approximately 30 million Euro (approximately $37 million at current exchange rates), a release from Teva said.
Israel Makov, president and CEO of Teva commented, "This acquisition is consistent with our leadership strategy in the generic marketplace. Dorom complements and strengthens our existing operations in this growing and important market for generic pharmaceuticals. Subsequent to this acquisition, Teva will become the largest generic company in Italy and will offer the Italian market a broad line of approximately 60 generic products."
Teva Pharmaceutical Industries Ltd, headquartered in Israel, is among the top 25 pharmaceutical companies and among the largest generic pharmaceutical companies in the world. Close to 90 per cent of Teva's sales are in North America and Europe.