Teva completes Bentley Pharmaceuticals acquisition

Israeli generic drug maker Teva Pharmaceutical Industries Ltd. on Tuesday completed a $360 million acquisition of Bentley Pharmaceuticals Inc., which will expand its operations in Spain.

Shareholders of generic drug maker Bentley shareholders approved the acquisition agreement at a special meeting Tuesday, paving the way for its completion. Those who favored the acquisition represented about 69 percent of the estimated 15.6 million shares voted.

Bentley, based in Exeter, N.H., became a wholly owned subsidiary of Teva and ceased to be publicly traded on the New York Stock Exchange. Teva agreed to pay about $14.82 a share for Bentley.

Last month, Bentley's board approved the spinoff of its drug delivery business into a new company named CPEX Pharmaceuticals Inc., which began trading on July 1.

With the acquisition complete, Teva will offer the Spanish market more than 170 products and will have over 45 products pending generic product registrations.