Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) has announced that it has received regulatory approval from the European Commission for its acquisition of Allergan plc’s global generics business.
Teva said that, as part of the approval, it had agreed to the divestment of certain overlapping molecules in 24 European countries, other than the United Kingdom, Ireland and Iceland.
In the United Kingdom and Ireland, Teva will divest a majority of the current Allergan generics business. As required by the European Commission, the divested business will be capable of manufacturing and marketing generic medicines. The remainder of the Allergan generics UK/Ireland business will be integrated with Teva’s operations in line with the global transaction. In Iceland, Teva will divest its generic business while retaining the Allergan generics business.
Teva further says that it continues to work closely with the US Federal Trade Commission to obtain regulatory approval in the US.
In July 2015, Teva announced that it would buy Actavis, Allergan's generics division, for $40.5 billion in cash and shares.
Published by Globes [online], Israel business news - www.globes-online.com - on March 10, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
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