Teva Pharmaceutical Industries Ltd. and Ivax Corporation have received unconditional approval from the European Commission to proceed with Teva's acquisition of Ivax.

According to a company release, this European approval completes the non-US regulatory review process, which was required to be completed prior to closing the transaction. Teva and Ivax are continuing to work closely with the US Federal Trade Commission to enable the FTC to complete its review processes shortly.

As previously announced, the companies continue to expect that the transaction will close in late 2005 or early 2006.

Teva Pharmaceutical Industries Ltd is among the top 20 pharmaceutical companies and among the largest generic pharmaceutical companies in the world. The company develops, manufactures and markets generic and innovative human pharmaceuticals and active pharmaceutical ingredients.

Ivax Corporation discovers, develops, manufactures, and markets branded and brand equivalent (generic) pharmaceuticals and veterinary products in the US and internationally.