Israeli generic drug maker Teva Pharmaceutical Industries Ltd. will pay $360 million in cash for Bentley Pharmaceuticals Inc.
Bentley makes and markets about 130 pharmaceutical products to physicians, pharmacists and hospitals primarily in Spain, as well as certain other parts of the European Union. Bentley's generic pharmaceutical operations generated about $14 million in revenue of the year ended Dec. 31, 2007.
"Spain was identified as one of our target markets in the strategic review we conducted last year," said Shlomo Yanai, Teva's president and chief executive, in a statement
Teva initially established a presence in Spain in 2004, and is currently the fourth-largest generic company in Spain in the hospital market.