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Teva to sell Allergan's generics business in UK, Ireland for $769 million
October 5, 2016 / 6:41 PM / a year ago

Teva to sell Allergan's generics business in UK, Ireland for $769 million

(Reuters) - Teva Pharmaceutical Industries Ltd (TEVA.TA) said on Wednesday it would sell Allergan Plc’s (AGN.N) generics business in the UK and Ireland to India’s Intas Pharmaceuticals Ltd INTA.NS for 603 million pounds ($769.37 million).

A sign bearing the logo of Teva Pharmaceutical Industries is seen in its Jerusalem oral solid dosage plant (OSD) December 21, 2011. REUTERS/Ronen Zvulun

The sale was part of Teva’s deal with the European Commission to get approval for the acquisition of Allergan’s generics business, called Actavis Generics.

The company said it expected the sale to close in the next three months.

Teva (TEVA.N) completed the $40.5-billion acquisition of Allergan’s generics business in August.

Actavis, which closed its $70.5 billion acquisition of Allergan in May 2015, had retained the Allergan name.

Greenhill & Co is Teva’s financial adviser, while Rothschild & Co is advising Intas.

Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Sriraj Kalluvila

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