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Print Edition StoriesWednesday, July 23, 2008
Bentley shareholders OK sale to Teva
By Mass High Tech Staff
Teva Pharmaceutical Industries Ltd. completed its acquisition Tuesday of Exeter, N.H., generic drug maker Bentley Pharmaceuticals Inc. for $359.7 million or $14.82 per share, according to Bentley.
Bentley reported that shareholders controlling 15.5 million of 15.6 million shares of common stock represented in a vote on the acquisition by Teva voted in favor of the deal. There are a total of 22.7 million shares of Bentley common stock outstanding. Teva, based in Israel, is one of the largest generic drug producers in the world. One reason for Teva’s buyout of Bentley had been to make it a leading supplier of generic drugs in Spain, where Bentley has a strong presence.
The acquisition comes after Bentley spun out its drug-delivery business into an independent company, CPEX Pharmaceuticals Inc. (Nasdaq: CPEX), of Exeter, on June 30.
Bentley reported 2007 net income of $2.7 million on revenue of $124.7 million.
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