Teva to Buy German Generic Drug Maker for $5 Billion

Israeli drug maker Teva says it has beat out other rivals to acquire German generic drug maker Ratiopharm GmbH in a deal worth euro3.6 billion ($4.95 billion).

Teva Pharmaceutical Industries Ltd.'s successful bid gives it a key position in the lucrative German generic market and is the second big acquisition in two years for the company.

The deal, announced Thursday, is subject to regulatory approvals, but is expected to be complete by the end of the year.

Ratiopharm has been up for sale since June.