Teva Pharmaceutical has agreed to sell its assets and operations of Actavis Generics in the UK and Ireland to Intas Pharmaceuticals subsidiary Accord Healthcare for £603 million.
The deal is subject to final approval from the European Commission.
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Teva global generic medicines president and CEO Siggi Olafsson said: “The sale has been a success for Teva in that we have satisfied the EU Commission’s sale requirements for these businesses, subject to their final approval, and agreed on a good price for the assets. With the assets it will retain, Teva will create an even stronger operation in the UK and Ireland.
“Teva is the leading provider of medicines to the UK National Health Service, and the addition of the retained Actavis assets strengthens our ability to be the partner of choice in these countries while preserving strong and healthy competition in a competitive marketplace.”
The sale of certain specified assets and operations of Actavis Generics in the UK and Ireland was part of an undertaking that Teva made to the European Commission for the purchase of Actavis Generics earlier this year.
The divestment will include a portfolio of generic medicines in addition to a manufacturing facility in Barnstaple, England.
Teva will retain several Actavis' non-overlapping generic products in addition to some specialist medicines and over-the-counter products.
The transaction is expected to close in the next three months.
