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Bayer closes deal for Teva US animal health unit

NEW YORK (AP) -- Bayer HealthCare said Thursday it completed its purchase of Teva Pharmaceutical Industries Ltd.'s U.S. animal health business.

Bayer agreed to buy the business in September for as much as $145 million. The deal includes a $60 million upfront payment, and as much as $85 million in additional payments based on manufacturing and sales targets.

Teva is the biggest maker of generic drugs in the world, and it said the sale would allow it to concentrate on its human health business. Bayer AG is based in Germany.

Shares of Teva Pharmaceutical Industries rose 50 cents to $37.69 in afternoon trading.