Despite pharma's relative insulation from the credit crisis, things have gotten so bad out there that some companies feel the need to issue press releases reassuring everyone that yes, the company still has a bank account, and yes, the bank managers are letting them borrow some money. Check out these cryptic statements from Israeli generics maker Teva.
- The first one simply states that after Barr's acquisition by Teva, Barr's bank facilities will remain in place.
- The second press release states that Teva received $100 million in settlement of a lawsuit over auction rate securities.
BNET readers will remember that Bristol-Myers Squibb also took a bath on those once non-risky cash vehicles.
And note that Teva put out both statements on the same day.The company usually generates its own news at the rate of one or two statements a week. Methinks the company doth protest too much ...