Teva Pharmaceutical Industries has completed the previously announced sale of the majority of the assets and operations of Actavis Generics in the UK and Ireland to Accord Healthcare Limited, a generic pharmaceutical company and a subsidiary of Ahmedabad, India-based Intas Pharmaceuticals. The sale, first announced in October 2016, has been completed for an agreed value of £603 million ($733 million) following approval from the European Commission (EC).

The divestment of specified Actavis Generics assets and operations in the UK and Ireland was part of an undertaking that Teva made to the EC in order to obtain approval to proceed with its acquisition of the generics business of Allergan (formerly called Actavis prior to Actavis assuming the Allergan name following Actavis’ $70.5-billion acquisition of Allergan in 2015). The sale included a portfolio of generic medicines plus a manufacturing plant in Barnstaple, England. Within the UK and Ireland, Teva retains a number of Actavis non-overlapping generic products plus certain specialty medicines and over-the-counter products, which have been added to Teva’s existing businesses.

Teva completed its $40.5 billion acquisition of Allergan’s generics business in August 2016, which included the US and international generic commercial units, third-party supplier Medis, global generic manufacturing operations, and the global generic R&D unit, as well as Allergan’s international over-the-counter (OTC) commercial unit (excluding OTC eye care products) and certain established international brands.

Source: Teva Pharmaceutical Industries