Teva Pharmaceutical Industries Ltd. will pay $360 million in cash for Bentley Pharmaceuticals Inc. in a move to expand operations in Spain.

Teva will pay $15.02 for Exeter, N.H.-based generic drug maker Bentley, which is spinning off its drug delivery business to shareholders prior to the Teva transaction. The purchase price represents a 9 percent premium to Bentley's closing stock price Friday of $13.74.

Bentley shareholders also will receive shares of CPEX Pharmaceuticals Inc. after the spin-off. Bentley makes and markets about 130 pharmaceutical products to physicians, pharmacists and hospitals primarily in Spain, as well as certain other parts of the European Union. Bentley's generic pharmaceutical operations generated about $14 million in revenue of the year ended Dec. 31, 2007.