Teva Pharmaceutical agreed to acquire CoGenesys for $400 million cash. Teva says that the purchase is an important springboard in the company’s efforts to become a leading player in the biogenerics market.
“Biopharmaceuticals will be a long-term growth driver for Teva,” remarks Shlomo Yanai, Teva’s president and CEO. “CoGenesys’ acquisition reflects our commitment to capture the significant long-term prospects we believe the biogenerics market will offer.
“CoGenesys’ breadth of technologies and the depth of their team and pipeline complement Teva’s large-scale operations, extensive resources, and its proven expertise in bringing drugs to market,” Yanai continues. “This combination will enable us to realize our vision of delivering high-quality, affordable biopharmaceuticals worldwide.”
The transaction is expected to close during the first half of 2008.