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Ivax takeover delayed

Date published: 11/01/2006

The planned takeover of Ivax by Teva Pharmaceutical Industries has been delayed. It was expected that the merger would take place on January 12th but it has now been put off as the US Federal Trade Commission (FTC) continues its review of the consent order signed by both companies.

The companies claim the FTC review in continuing as normal. A Teva spokesman said: "While Teva and IVAX have no reason to believe that the acceptance will not be forthcoming shortly, the parties must nevertheless reschedule the closing to permit the process to be completed."

The firms now expect the merger to formally take place later this month. Meanwhile Ivax is to be sued by Depomed over patent infringement. Depomed claims Ivax's Metformin products infringe its own GR System and have asked a San Francisco court to block its sale.

Metformin is used in treating diabetes and helps to regulate blood glucose levels.

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