Lawyer Sanders says Teva Pharmaceuticals bought generic drug rival, Barr Pharmaceuticals, in $7.46 billion drug deal.

Teva Pharmaceutical Industries is going to buy Barr Pharmaceuticals for $7.46 billion to expand manufacturing and sales of generic drugs in both the United States and Europe. The combined drug company should employ about 37,000 people around the world and operating in more than 60 countries.

The two generic drug makers generated $11.9 billion in revenue in 2007.
Under the terms of the agreement, each share of Barr common stock will be converted into $39.90 in cash and 0.6272 Teva American depositary receipts. The multi-billion dollar deal is expected to close in late 2008.