Teva Pharmaceutical Industries Ltd. has entered an agreement to buy Bentley Pharmaceuticals. The move will follow the spin-off of Bentley’s drug delivery business, which was announced in October 2007. Teva will spend approximately $360 million to acquire Bentley, which will consist solely of the generic pharmaceutical operations.

Bentley manufactures and markets a portfolio of 130 pharmaceutical products in various dosages and strengths, as both branded generic and generic products, to physicians, pharmacists and hospitals. Bentley markets its products primarily in Spain, but also sells generic pharmaceuticals in other parts of the European Union. These efforts are supported by finished dosage and active pharmaceutical ingredient manufacturing facilities. Bentley’s generic pharmaceutical operations generated revenues of approximately $114 million for the year ended December 31, 2007.

Commenting on the transaction, Shlomo Yanai, Teva’s president and chief executive officer, said, “This is an important acquisition for Teva, as the combination of Teva Spain and Bentley will provide us with a platform to capture a leading position in the fast-growing Spanish generic pharmaceutical market. Spain was identified as one of our target markets in the strategic review we conducted last year. We are extremely pleased that we will have Bentley’s strong management and work force, complementing our existing management team, to support our growth strategy.”

Teva initially established a presence in Spain in 2004. Since then, TEVA Genericos Espanola, S.L. has introduced more than 60 products targeted both to hospitals and pharmacies. Teva is currently the fourth largest generic company in Spain in the hospital market.