New Jersey-based Barr Pharmaceuticals Inc. has informed that its shareholders approved the proposed buyout of the company by Israeli generic drug maker Teva Pharmaceuticals Industries.

In July, Teva agreed to acquire 100% stake in Barr Pharmaceuticals for $7.46 billion in stock and cash, or about $66.50 a share.

Barr Pharmaceuticals, Inc. is a global specialty pharmaceutical company that operates in more than 30 countries worldwide and is engaged in the development, manufacture, and marketing of generic and proprietary pharmaceuticals.

The Barr Group of companies markets more than 120 generic and 27 proprietary products in the U.S. and approximately 1,025 products globally, outside of the U.S.

The transaction is expected to be completed by the end of this year.

The scrip of the Barr Pharmaceutical gained 1 per cent to $65 at the close of Friday's trading with over 2.79 million shares changing hands on the NYSE.