Ivax Diagnostics (AMEX:IVX)
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From Jun 2019 to Jun 2024
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) and
IVAX Corporation (AMEX: IVX) announced today that the closing date of
the merger has been rescheduled. The U.S. Federal Trade Commission
("FTC") is continuing to review the consent order which Teva and IVAX
signed in connection with the pending acquisition of IVAX. While the
FTC review is continuing through its ordinary course, the transaction
cannot be closed without the acceptance of the consent order by the
Commissioners of the FTC, and such acceptance has not as yet been
obtained. Teva and IVAX have no reason to believe that the acceptance
will not be forthcoming shortly, and expect to close the merger later
this month.
Teva and IVAX will promptly announce the acceptance by the FTC of
the consent order upon its receipt, and will schedule the closing for
the third business day following such announcement.
The election deadline for making a cash or stock election under
the merger agreement will be 5:00 p.m., New York City time, on the
first business day following announcement of the rescheduled closing
date.
About Teva
Teva Pharmaceutical Industries Ltd., headquartered in Israel, 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. Close to 90% of Teva's sales
are in North America and Europe.
About IVAX
IVAX Corporation, headquartered in Miami, Florida, discovers,
develops, manufactures, and markets branded and brand equivalent
(generic) pharmaceuticals and veterinary products in the U.S. and
internationally.
Safe Harbor Statement under the U.S. Private Securities Litigation
Reform Act of 1995:
The statements, analyses and other information contained herein
relating to the proposed merger and the contingencies and
uncertainties to which Teva and IVAX may be subject, as well as other
statements including words such as "anticipate," "believe," "plan,"
"estimate," "expect," "intend," "will," "should," "may" and other
similar expressions, are "forward-looking statements" under the
Private Securities Litigation Reform Act of 1995. Such statements are
made based upon management's current expectations and beliefs
concerning future events and their potential effects on the company.
Actual results may differ materially from the results anticipated
in these forward-looking statements. Important factors that could
cause or contribute to such differences include whether and when the
proposed acquisition will be consummated and the terms of the
conditions imposed in connection with such closing, including
divestitures required in connection with obtaining antitrust
approvals, Teva's ability to rapidly integrate IVAX's operations and
achieve expected synergies, diversion of management time on
merger-related issues, Teva and IVAX's ability to successfully develop
and commercialize additional pharmaceutical products, the introduction
of competitive generic products, the impact of competition from
brand-name companies that sell or license their own generic products
(so called "authorized generics") or successfully extend the
exclusivity period of their branded products, the effects of
competition on Copaxone(R) sales, regulatory changes that may prevent
Teva or IVAX from exploiting exclusivity periods, potential liability
for sales of generic products prior to completion of appellate
litigation, including that relating to Allegra(R), Neurontin(R),
Oxycontin(R) and Zithromax(R), the impact of pharmaceutical industry
regulation and pending legislation that could affect the
pharmaceutical industry, the difficulty of predicting U.S. Food and
Drug Administration, European Medicines Association and other
regulatory authority approvals, the regulatory environment and changes
in the health policies and structure of various countries, Teva's
ability to successfully identify, consummate and integrate
acquisitions, exposure to product liability claims, dependence on
patent and other protections for innovative products, significant
operations outside the United States that may be adversely affected by
terrorism or major hostilities, fluctuations in currency, exchange and
interest rates, operating results and other factors that are discussed
in Teva's Annual Report on Form 20-F, IVAX's Annual Report on Form
10-K and their other filings with the U.S. Securities and Exchange
Commission. Forward-looking statements speak only as of the date on
which they are made, and neither Teva nor IVAX undertakes no
obligation to update publicly or revise any forward-looking statement,
whether as a result of new information, future developments or
otherwise.
This communication is being made in respect of the proposed merger
involving Teva and IVAX. In connection with the proposed merger, Teva
has filed a registration statement on Form F-4 containing a joint
proxy statement/prospectus for the shareholders of Teva and IVAX with
the SEC. Before making any investment decision, IVAX shareholders and
other investors are urged to read the joint proxy statement/prospectus
regarding the merger and any other relevant documents carefully in
their entirety because they contain important information about the
proposed transaction. The registration statement containing the joint
proxy statement/prospectus and other documents are available free of
charge at the SEC's website, www.sec.gov. You may also obtain the
joint proxy statement/prospectus and other documents free of charge by
contacting IVAX Investor Relations at (305) 575-6000 or Teva Investor
Relations at 972-3-926-7554.