Amneal Pharmaceuticals Pty Ltd, a generic drug company headquartered in Zug, Switzerland, and Actavis Australia Pty Ltd, a subsidiary of Actavis plc have signed a binding letter of intent which provides that Amneal intends to acquire substantially all of Actavis' in-country generic pharmaceuticals business for an agreed price, subject to completion of confirmatory due diligence and definitive agreements.

Financial terms of the agreement were not disclosed. However, both sides have agreed to work expeditiously to complete the transaction with the goal of preventing disruption of supply to existing purchasers of Actavis' products.

Actavis will continue to supply the Australian market with these high quality generic medicines on the PBS and fulfill supply commitments for all hospital tenders until this transition is complete.

For the non-generic business, Actavis will continue to promote and distribute branded medicines in the portfolio including but not limited to products such as Actonel and Oxytrol. A dedicated GP sales team will be maintained with the responsibility for supporting GPs and specialists who prescribe primary care products, including Actonel. Actavis will also continue to supply Botox,, eye-care products, and all other heritage Allergan products.

Source: Amneal Pharmaceuticals