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Teva snaps up Italian generics player

17-Aug-2004

Israeli generics and active pharmaceutical ingredients (API) company Teva Pharmaceutical Industries announced yet another acquisition earlier today, this time for Pfizer's Italian generic pharmaceutical marketing company Dorom.

Dorom is one of the two largest suppliers of generic pharmaceuticals to the Italian retail market and reported sales for the 12 months ended 30 June of approximately €30 million.

Teva and arch rival Sandoz are squaring off at present, each buying up companies in a bid to become the top company in the generics sector. Teva recently completed its $3.4 billion purchase of US generics firm Sicor, while Novartis subsidiary Sandoz has snapped up three firms - Croatia's Lek, Candian company Sabex and Durascan of Denmark - in recent months.

The wave of consolidation affecting the industry could have an impact on companies supplying machinery and materials to the drug sector, as the generics industry has emerged over the last few years as a major new customer base for vendor firms. Between them, Teva and Sandoz now account for more than 20 per cent of the global generics market.

Teva president and CEO Israel Makov said that the deal was in line with the strategy of becoming a dominant player in the North American and European market for generics, which currently account for 90 per cent of group sales.

"Dorom complements and strengthens our existing operations in this growing and important market for generic pharmaceuticals," said Makov.

With the acquisition under its belt, Teva will become the largest generic company in Italy with a product portfolio of approximately 60 generic products.

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