Israeli Teva to buy CoGenesys Inc for 400 million

By Margarita Snegireva. Israel's Teva Pharmaceutical Industries Ltd TEVA.TA is going to buy CoGenesys Inc for $400 million in cash.

Photo: Israeli Teva to buy CoGenesys Inc for 400 million

Teva said the deal, to be funded from its internal resources and expected to close during the first half of 2008, would help its position in the biogenerics market.

CoGenesys was spun out of Human Genome Sciences Inc in June, 2006, it said.

Teva Pharmaceutical Industries Ltd., NASDAQ: TEVA is an international pharmaceutical company headquartered in Petah Tikva, Israel. It specializes in generic and proprietary pharmaceuticals and active pharmaceutical ingredients. It is the largest generic drug manufacturer in the world and one of the 20 largest pharmaceutical companies worldwide. In 2006, its sales totaled $8.4 billion, of which 80% in Europe and North America. After its acquisition of U.S. rival Ivax Corporation in January 2006, the company has about 26,000 employees in 50 countries. Teva's facilities are located in Israel, North America, Europe and Latin America