Teva completes acquisition of Auspex; continues pursuit of Mylan

Teva has announced that the acquisition of Auspex Pharmaceuticals has been completed through the successful tender offer for all of the outstanding shares of common stock of Auspex at $101.00 per share, representing total consideration of approximately $3.2 billion in enterprise value and approximately $3.5 billion in equity value.

The acquisition is expected to enhance Teva’s revenue and earnings growth profile and strengthen its core central nervous system franchise.

Auspex specialises in applying deuterium chemistry to known molecules to create novel therapies

Auspex is an innovative biopharmaceutical company specialising in applying deuterium chemistry to known molecules to create novel therapies with the potential for improved safety and efficacy profiles. Its lead compound is SD-809 (deutetrabenazine) for the potential treatment of chorea associated with Huntington’s disease, tardive dyskinesia, and Tourette syndrome.

“We believe that combining the Auspex portfolio with our strong research and commercialisation capabilities will unlock significant value for Teva’s shareholders,” said Erez Vigodman, President and CEO of Teva. “We are proud and excited to continue to work to bring innovative treatments to the underserved movement disorder markets.”

Teva’s pursuit of Mylan continues

Teva has also announced that an updated investor presentation in connection with its proposed combination with Mylan is available on the Investor Relations section of the Company’s website.

Erez Vigodman, President and CEO of Teva, commented, “Our strong financial and operating performance demonstrates that great people, great products and world-class execution of our strategy are coming together in a powerful way at Teva. Teva has built the foundation for accelerated growth and an even stronger future – and we will continue to evolve to deliver on our strategy and achieve our goals. Together with Mylan, we would have the infrastructure and the capabilities to more quickly pursue a differentiated business model that meets the evolving needs of patients and customers and support the highest levels of quality and clinical excellence. We are committed to making this transaction a reality and delivering the value that our stockholders and the other stakeholders of both companies deserve.”

As previously announced, Teva has proposed to acquire Mylan for $82.00 per share, with the consideration to be comprised of a 50/50 cash/stock offering. Teva’s proposal for Mylan implies a total equity value of approximately $43 billion.

Teva’s proposal is contingent on Mylan not completing its proposed acquisition of Perrigo or any alternative transactions.