Teva Pharmaceutical Industries Ltd. has agreed to buy rival Ivax Corp. for $7.4 billion in a deal that vaults the Israeli firm back to the position as world’s biggest maker of generic drugs.
Teva said on Monday it would buy Ivax for $26 a share, or 0.8471 in Teva American depositary receipts, under the stock-and-cash deal, which highlights the rapid pace of consolidation in the market for generic drugs.
