Barr Pharmaceuticals (BRL)

Barr Pharmaceuticals, Inc. (BRL) is a global specialty pharmaceutical company that develops, manufactures, and markets both branded and generic drugs. The company operates in more than 30 countries worldwide with key markets being the United States, Croatia, Germany, Poland and Russia. Barr markets and sells generic pharmaceutical products in the U.S., Europe and certain other countries in the rest of the world. Its generic product portfolio includes solid oral dosage forms, injectables, and cream/ointment products. Meanwhile, the branded product portfolio is mainly focused in the area of female healthcare. Key products in the branded portfolio include Seasonique (extended-cycle oral contraceptive), Mircette (an oral contraceptive), ParaGard T 380A (IUD contraceptive), Plan B (emergency contraceptive), and Enjuvia (hormone therapy). With the acquisition of Pliva (a generic pharmaceutical company based in Croatia) in late October 2006, Barr has expanded its global reach and now has access to additional internally developed drug delivery and development capabilities. Prior to the acquisition, Barr marketed generic and proprietary pharmaceutical products almost exclusively in the U.S.

Barr reports revenues from three segments: generics, branded drugs, and alliance and development revenues. The generics segment is the major contributor to the top-line. Including contributions from the Pliva business, Barr recorded total revenues of $2.5 billion in 2007. Based in Woodcliff Lake, New Jersey, the company employs approximately 8,900 individuals.

On July 18, 2008 Barr entered into a definitive agreement with Teva Pharmaceuticals under which Teva will acquire Barr for $7.46 billion plus the assumption of debt of approximately $1.5 billion. This acquisition should enhance Teva's leadership position in the U.S. and allow it to expand its presence in Europe. The combined company will operate directly in more than 60 countries and employ approximately 37,000 people worldwide. Meanwhile, on the successful completion of the acquisition, Barr shareholders will receive $39.90 cash and 0.6272 Teva ADRs for each share held at Barr. The purchase price represents a hefty 42% premium to the closing price on July 16, 2008. The deal is scheduled to close later this year following shareholder and regulatory approval.

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