Frankfurt : Israel's Teva has won the battle for German generic drugmaker Ratiopharm, agreeing to pay more than 3.5 billion euros (Dh17.6 billion) including debt, three sources close to the situation told Reuters.
Teva Pharmaceuticals, already the world's biggest maker of generic drugs, beat US drugs powerhouse Pfizer and Iceland's Actavis in the race for Ratio-pharm, which the Merckle family had to sell when its business empire crumbled in the financial crisis.
Shares in Teva, which declined to comment, had risen 1.56 per cent to 228 shekels by 0914 GMT.
Ratiopharm owner VEM called a news conference to announce what will be the biggest takeover of a copycat drugmaker since Teva's $7.5 billion purchase of US rival Barr, announced in July 2008.
One source close to the deal said Teva had been chosen, though the contract had not yet been signed.
Ratiopharm's last three suitors, whittled down from about a dozen in Nov-ember, had until yesterday to submit final bids, several sources had previously said.
Ludwig Merckle put Ratiopharm on the auction block as part of concessions made to creditors by his father Adolf Merckle, who threw himself in front of a train in January 2009.
