Israeli company on track to purchase Forest’s Barr Pharmaceuticals

An Israeli company’s deal to purchase Barr Pharmaceuticals, which includes Barr Laboratories in Forest, is on track to close by the end of the year.

Teva, a pharmaceutical company based in Jerusalem, announced this week that a consortium of banks that have loaned money to Barr Pharmaceuticals will allow the debt to be carried over to Teva.

Under the original debt agreements, Barr’s lenders could have required immediate payment when the company changes hands.

Eyal Desheh, Teva’s chief financial officer, said in a news release that the credit deal, along with Teva’s cash on hand, “will provide us with sufficient funds to complete the acquisition of Barr as well as support the continued growth of our business.”

The deal doesn’t reveal much about the possible actions Teva might take at the Forest facility, which is undergoing an expansion.

Carol Cox, a spokeswoman at Barr’s New Jersey headquarters, said most of the debt that will be transferred to Teva is from Barr’s 2006 acquisition of another company, Pliva.

Company officials expect the current acquisition to close late in 2008.