Teva Pharmaceutical Industries has agreed to sell 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, for an agreed value of £603 million ($761 million), subject to final approval from the European Commission (EC). The transaction is expected to close in the next three months.

The divestment of certain specified Actavis Generics assets and operations in the UK and Ireland was part of an undertaking that Teva made to the EC in the context of the review and subsequent approval of Teva’s acquisition of Actavis Generics earlier this year. In March 2015, Actavis completed its approximate $70.5 billion acquisition of the specialty pharmaceutical company, Allergan, and later changed its corporate name to Allergan while retaining the Actavis name for its US and Canadian generics business. In September 2016, Allergan closed on its diverstment of its generics business to Teva Pharmaceutical Industries for $40.5 billion in a deal that was first announced in July 2015.With the closing of the acquisition,Teva acquired Allergan’s legacy Actavis Global Generics business, including 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.

The assets sale will include a portfolio of generic medicines plus a manufacturing plant in Barnstaple, England. Teva retains a number of Actavis non-overlapping generic products plus certain specialty medicines and OTC products, which have been added to Teva’s existing operations.

Source: Teva Pharmaceutical Industries