Biz BriefsThe European subsidiary of Barr Pharmaceuticals secured about 16.9 million, or more than 90%, of PLIVAÂs shares last week, after outbidding IcelandÂs Actavis Group in its drive to take over the Croatian drugmaker.
Woodcliff Lake-based Barr had made a tender offer for 100% of PLIVAÂs stock totaling about $2.5 billion on the condition that Barr accumulate more than 50% of those shares. Stockholders of PLIVA, which has facilities in East Hanover and Florham Park, will get $139 per share. The combined company will reportedly have revenues of $2.4 billion and be the worldÂs third-largest generic drug maker.
Barr makes generic and branded drugs including the controversial contraceptive Plan B, often referred to as Âthe morning-after pill,Â that was approved for sale to people 18 and older as an over-the-counter product in August. Shares of the company, which expects to close the transaction later this month, were trading at $51.31 on Thursday afternoon.
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