Business in the Burbs

Barr earnings rise on strength of products

August

Barr Pharmaceuticals Inc., the drug company that has operations in Pomona, earned $57 million, or 52 cents a share, in the second quarter, compared with a profit of $45 million, or 41 cents a share, a year earlier.

Revenues rose to $779 million, from $634 million.

Barr, which is based in Montvale, N.J., has its Barr Laboratories Inc. subsidiary in Pomona.

But the future of the Pomona site is in question after the company announced last month that it plans to be acquired by Israeli manufacturer Teva Pharmaceutical Industries Ltd., the world’s largest maker of generic drugs, for stock and cash. The deal values Barr at $66.50 a share.

Teva will pay $7.46 billion and assume $1.5 billion in Barr debt.

Barr shares closed at $66.97 yesterday, up 13 cents.

This entry was posted on Thursday, August 7th, 2008 at 9:37 am by Allan Drury.
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