Israeli-based Teva Pharmaceutical Industries has entered into a definitive agreement to acquire US-based company Allergan’s generic pharmaceuticals distribution business Anda for $500m.

Anda is responsible for distributing generic, brand, specialist and over-the-counter pharmaceutical products from more than 300 manufacturers to retail independent and chain pharmacies, mail order pharmacies, hospitals, nursing homes, clinics and physician offices across the US.

Under the deal, Teva Pharmaceutical will purchase three distribution centres in Olive Weston, Florida; Branch, Mississippi; and Groveport, Ohio, with a total of more than 650 employees.

Teva Pharmaceutical global generic medicines president and CEO Siggi Olafsson said: “This strategic move enables us and our customers to improve capabilities and flexibility, given the changes the pharmaceutical industry is currently undergoing in order to provide access to more patients throughout the country.

"The sale of Anda to Teva Pharmaceuticals is a strategic transaction that benefits Allergan and the employees and customers of the Anda business."

“Additionally, both Teva and Anda’s customers will benefit from our ability as the largest producer of medicines in the world to leverage our size and scale.”

Until the closing of the transaction expected in the second half of this year, Allergan will continue to operate Anda in a business-as-usual mode.

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The company will also continue to offer complete support to Anda in managing the business and launching new products, as well as increasing its partnerships with customers.

Allergan CEO and president Brent Saunders said: “The sale of Anda to Teva Pharmaceuticals is a strategic transaction that benefits Allergan and the employees and customers of the Anda business.

“For Allergan, this divestiture continues our evolution as a focused branded Growth Pharma leader, powered by growing leadership positions across our seven therapeutic areas, developing and bringing to market innovative therapies from our industry leading pipeline, simplified operating structure and adding new development programmes through our open science research and development (R&D) model.”

Completion of the acquisition is based on antitrust clearance in the US, as well as other customary conditions.

Anda is expected to generate more than $1bn in third-party net revenue for the total year.

The agreement has been signed immediately after Teva Pharmaceutical completed its acquisition of Allergan's global generic pharmaceuticals business for $33.4bn in cash and $5.4bn in Teva stock.