Teva announces sale of U.K. and Ireland Actavis assets and operations
Teva Pharmaceutical announced that it has agreed to sell assets and operations of Actavis Generics in the U.K. and Ireland to Accord Healthcare Limited, a subsidiary of Intas Pharmaceuticals Ltd, for an agreed value of GBP 603M, subject to final approval from the European Commission. The divestment of certain specified Actavis Generics assets and operations in the U.K. and Ireland was part of an undertaking that Teva made to the European Commission in the context of the review of the acquisition of Actavis Generics by Teva earlier this year. The 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 over-the-counter products, which have been added to Teva's existing operations. The transaction is expected to close in the next three months.