Tel Aviv/New Delhi : In a mega deal in the global pharmaceuticals sector, Israeli drug maker major Teva will acquire Allergan Generics for USD 40.5 billion in a cash and stock transaction, reports PTI.
The company also announced it has withdrawn its USD 40 billion cash and stock proposal to acquire Mylan made in April this year following its decision to acquire Allergan Generics from Irish firm Allergan Plc, the maker of world-renowned brand Botox.
“Upon closing, Allergan will receive USD 33.75 billion in cash and shares of Teva valued today at USD 6.75 billion, representing an estimated under 10 per cent ownership stake in Teva…,” the company said in a statement. The transaction was unanimously approved by the Board of Directors of Teva and Allergan and is expected to close in the first quarter of 2016, it added.
In a separate statement, Allergan said under the pact, Teva will acquire Allergan’s legacy Actavis global generics business, including the US and international generic commercial units, third-party supplier Medis, global generic manufacturing operations, the global generic R&D unit, the international over-the-counter (OTC) commercial unit (excluding OTC eye care products) and some established international brands.
Together, Teva and Allergan Generics will have a commercial presence across 100 markets, including a top three leadership position in over 40 markets. Meanwhile, Teva said it has withdrawn its $40 billion offer to acquire Mylan.
