Teva Pharmaceutical Industries announced early this month that it had completed the acquisition of Germany’s Ratiopharm, which it acquired in March. The closing came ahead of schedule.

Teva paid €3.625 billion for the Ratiopharm shares, plus €186 million in accrued interest and expects synergies of at least $400 million, which should be fully realized within three years. The figure is higher than the original savings of $250 million that Teva reported in the original acquisition announcement.

Ratiopharm is Germany’s second-largest producer of generics. Teva holds the leading market position for a generic pharmaceutical company in ten countries, and ranks in the top three in seven other countries.

Israel’s financial daily Globes reported that Teva president and CEO Shlomo Yanai said: “Teva, the world’s leading generic pharmaceutical company, will now become the number one generics company in Europe as well. Increasing Teva’s market share in Europe – a geography with tremendous potential for generics penetration – is an important pillar of our long-term growth strategy.

“With the acquisition of Ratiopharm we will become the leader in key European markets and we are well-positioned to become the leader in many other European markets in the near future.”