Intas, Auribindo bid $1b for Teva UK portfolio

Teva  photo: PR
Teva photo: PR

Teva must sell a generic products portfolio in the UK and Ireland to comply with the EU regulator's conditions for buying Allergan's generics division.

Indian pharmaceutical companies Intas and Auribindo have reportedly each bid $1 billion for the portfolio of generic drugs in Britain and Ireland that Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) is seeking to offload. The Israeli company is required to sell the portfolio to comply with the EU antitrust regular's conditions for approving the acquisition of the generics division of Allergan. Teva completed the $40 billion acquisition earlier this month.

Media reports in the US say that both companies have offered to pay in cash and presented the required guarantees. Teva will reportedly sell to the company with the best track record of marketing in Europe.

Teva has already sold 80 generic products in the US to comply with antitrust conditions for the acquisition of Allergan's generic division.

"Bloomberg" has reported that Mylan N.V. (Nasdaq: MYL; TASE: MYL) and Novartis AG are interested in the portfolio and London private equity funds Cinven and Apollo Global Management LLC. Have also been linked with the buyout,

Published by Globes [online], Israel business news - www.globes-online.com - on August 29, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Teva  photo: PR
Teva photo: PR
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