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So far, Bentley Pharmaceuticals (BNT) looks to be fairly problem-free
acquisition by Teva Pharmaceutical (TEVA) which, as seen below, has encountered some regulatory
delays in recent deals.
generic drug manufacturer in Europe, and primarily Spain -- an area where TEVA
evidently have very little presence at this time.
The generic drug segment in general continues to be very
competitive despite recent consolidation, so it would take a merger of top-tier
players to raise major issues with U.S. and European regulators. This deal does
not currently appear that type of transaction.
Naturally, additional research will be necessary in specific
geographic and product areas to confirm the above. And it will again be pointed
out that TEVA has had some delays with HSR reviews over the last few years. For
now, this appears to be a relatively straightforward deal which will probably
be timed more by BNT's drug delivery unit spin-off than the mechanics of the
merger transaction.
The current close expectation is roughly 120 days, or no
later than late-July, 2008.
Disclosure: We have no positions of any kind,
in any security. We are a completely neutral source of research and
analysis.
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