Teva buying Bentley Pharmaceuticals for $360M

Teva Pharmaceutical Industries Ltd. said today that it will acquire Bentley Pharmaceuticals Inc. for about $360 million in cash.

Israel-based Teva, which has North American headquarters in North Wales, Montgomery County, said the deal would take place after the spin-off of Bentley's drug-delivery business to its shareholders. The spin-off was announced in October.

Shareholders of Bentley, which is based in Exeter, N.H., will receive about $15.02 per share, Teva said. The deal is expected to close in the third quarter.

Teva said the acquisition would expand its generic-pharmaceuticals business in Spain.

Bentley markets 130 brand-name and generic products, primarily in Spain but also other areas in Europe. Teva initially began selling products in Spain in 2004.

Bentley shares closed at $13.74 Friday on the New York Stock Exchange. Teva is paying a more than 9 percent premium for Bentley's generic-pharmaceuticals operation.

Teva (TEVA) is the world's largest manufacturer of generic medicines, which are chemically equivalent formulations of brand-name drugs whose patents have expired. Generic pharmaceuticals are often one-third to one-half less expensive than brand-name medicines.

Teva shares closed at $46.01 on Friday in Nasdaq trading.