Teva sells Actavis’ UK and Ireland generics business to Intas

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Teva sells Actavis’ UK and Ireland generics business to Intas

Generics/News | Posted 28/10/2016 0 Post your comment

Israeli generics giant Teva Pharmaceutical Industries (Teva) announced on 5 October 2016 that it had agreed to sell the UK and Ireland generics business of Actavis to Accord Healthcare (a subsidiary of Intas Pharmaceuticals) for GBP 603 million, subject to final approval from the European Commission (EC).

The deal comes as part of the EC’s antitrust divestiture requirements arising from Teva’s acquisition of Allergan’s generics business. Teva has also had to divest generics in the US in order to satisfy US Federal Trade Commission requirements for approval of the Teva/Allergan generics transaction [1]. The drugmaker paid US$40.5 billion for Allergan’s generics division in 2015 and was hoping that the transaction would be finalized in the first quarter of 2016 [2].

The acquisition of the UK and Ireland generics business from Actavis expands Accord’s UK manufacturing presence and establishes it as a leading player in the UK generics market. Actavis UK and Ireland is one of the leading suppliers of generics in both the UK and Irish markets with selected assets and operations across the respective markets. The deal also more than doubles Intas’ pan-European operations, with pro-forma revenues exceeding US$500 million and propelling Intas into the top 20 generics players globally.

The sale includes a portfolio of generics plus a manufacturing plant in Barnstaple, England, which provides services both to Actavis UK and Ireland and other third parties. The company generated over GBP 250 million of sales in 2015.

The transaction is expected to close by the end of 2016.

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References
1. GaBI Online - Generics and Biosimilars Initiative. Teva generics being snapped up by rivals [www.gabionline.net]. Mol, Belgium: Pro Pharma Communications International; [cited 2016 Oct 28]. Available from: www.gabionline.net/Pharma-News/Teva-generics-being-snapped-up-by-rivals
2. GaBI Online - Generics and Biosimilars Initiative. Teva acquires Mexican drugmaker Rimsa [www.gabionline.net]. Mol, Belgium: Pro Pharma Communications International; [cited 2016 Oct 28]. Available from: www.gabionline.net/Pharma-News/Teva-acquires-Mexican-drugmaker-Rimsa

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Source: Actavis, Intas, Teva