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Teva CEO Jeremy Levin said Photo: Sivan Farag
Teva CEO Jeremy Levin said Photo: Sivan Farag
 
 

Teva eyeing Ireland's Amarin

Just two weeks after announcing he has no plans for major acquisitions in near future, CEO Jeremy Levin may lead purchase of Irish company, which recently got FDA approval for its proprietary drug

Golan Hazani, Snir Handler
Published: 11.15.12, 16:54 / Israel Business

Teva CEO Jeremy Levin said two weeks ago in a conference call following the release of the third quarter results that the company had no plans for any major acquisitions in the near future. Calcalist has learned, however, that Teva Pharmaceutical industries is among the leading contenders for Irish drug company Amarin, which is up for grabs.

 

Another contender is British AstraZeneca.

 

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Amarin is traded on NASDQA at a value of about $1.7 billion. Last July, the company received FDA approval for the use of Vascepa as an adjunct to diet to reduce triglyceride levels in adult patients with severe hypertriglyceridemia.

 

Amarin does not have its own production facility and it buys the drug's active ingredients from Japan's Nisshin; however, following the FDA's approval and as part of its preparations for commercial production in the first quarter of 2013, the company is considering transferring production to another supplier.

 

At this stage, Amarin must decide whether to expand and take on Vascepa's marketing and sales operations or to outsource these operations.

 

Meanwhile, Amarin's board is pushing for the sale of the company, and it is likely that the buyer will have to pay Amarin shareholders more than $2.2 billion.

 

Amarin also has several pipeline products for the treatment of central nerve system disorders, which is also Teva's leading innovative field of activity (including MS treatment Copaxone, and Provigil, Nuvigil and Azilect).

 

Amarin concluded the first nine months of 2012 with no earnings. The company' s bottom line took a $169 million loss as compared with an $87 million loss in the corresponding period last year. As of the end of September, Amarin holds about $215 million in cash reserves and short-term investments.

 

Teva said in response that it "does not comment on rumors on the market. Teva will update the public if and when it has any news."

 

This report was originally published in Hebrew by Calcalist

 

 

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