February 1, 2018 / 1:53 PM / in a year

Allergan to pay Israel's Teva Pharm $700 million to settle dispute

FILE PHOTO: The Allergan logo is seen in this photo illustration November 23, 2015. REUTERS/Thomas White/Illustration/File Photo

TEL AVIV (Reuters) - Allergan (AGN.N) will make a one-time payment of $700 million to Teva Pharmaceutical Industries (TEVA.TA) to settle a dispute over working capital, Israel-based Teva said on Thursday.

Teva will use the payment, which is expected during the first quarter of 2018, to repay part of its debt.

Teva (TEVA.N) and Allergan agreed to jointly dismiss the working capital dispute arbitration.

As of Jan. 12, 2018, Allergan owned 68.7 million shares in Teva, which it received as partial payment for Teva’s $40.5 billion acquisition of Actavis Generics from Allergan in 2016.

Reporting by Tova Cohen

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