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NEW YORK (AP) -- Teva Pharmaceutical has solidified operations further in Europe, announcing Tuesday that it completed a $4.95 billion buyout of German drugmaker Ratiopharm.

Teva is the world's largest maker of generic drugs, and said it is now the largest generics maker in Europe. Teva said it expects to be able to save at least $400 million per year from the deal. Those savings will take effect within three years, the company said.

The deal was announced in March. Teva Pharmaceutical Industries Ltd. is based in Jerusalem but makes most of its sales in North America.

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