Allergan said today it has agreed to sell its global generic pharmaceuticals business to Teva Pharmaceutical Industries for $40.5 billion—a blockbuster deal that ends the buyer’s months-long effort to grow into a global giant by acquiring Mylan.
Under the deal, Teva has agreed to buy Allergan’s legacy Actavis global generics business, including the U.S. and international generic commercial units. Allergan’s generic portfolio includes more than 220 ANDAs pending FDA approval with 74 confirmed First-to-File opportunities.
The transaction is intended to transform Teva into one of the world’s top drugmakers—a goal the company sought to achieve earlier this year by snapping up Mylan. But Mylan rejected Teva’s unsolicited advances, starting with a nearly $40 billion cash-and-stock offer disclosed in April—a month after speculation arose of a possible deal between Teva and Mylan.
“We continue to believe that a combination of Teva and Mylan would have made sense for our companies, our respective stockholders, and the healthcare industry as a whole,” Teva president and CEO Erez Vigodman said in a statement. “Despite our clear commitment to consummating a transaction, and our conviction that we ultimately would have succeeded in acquiring Mylan, we believe we have an even greater opportunity to create compelling, sustainable value for Teva’s stockholders through our transaction with Allergan—and we acted quickly to seize the opportunity.”
Full content: The Wall Street Journal
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