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Bayer buying Teva's US animal health business

NEW YORK (AP) -- Bayer HealthCare LLC is buying Teva Pharmaceuticals' U.S. animal health business in a deal worth up to $145 million.

Bayer HealthCare, which is part of Germany's Bayer AG, said Friday that the acquisition will help strengthen its food animal franchise in the U.S.

Teva says the transaction allows it to concentrate its efforts on human health, which includes providing medicine to patients around the globe. Teva is the world's largest generic drugmaker.

Israel-based Teva will receive a $60 million upfront payment and $85 million in other payments once certain manufacturing and sales targets are hit.

The buyout is expected to close next year and needs antitrust clearance and other approvals.

Last month Teva reported that its second-quarter profit grew 13 percent on stronger demand for generic and branded medicines in the U.S, where sales increased nearly 50 percent.