Teva Completes Acquisition of Actavis Generics

CASTLEFORD, England, August 2, 2016 /PRNewswire/ --

Acquisition Reinforces Teva's Strategy and Opens New Possibilities for the Company in Generics and Specialty; Serving 250 Million People, Every Day 

Teva Pharmaceutical Industries Ltd., (NYSE and TASE: TEVA) and Allergan plc (NYSE: AGN) today announced that Teva has completed its acquisition of Allergan's generics business ("Actavis Generics").

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This strategic acquisition brings together two leading generics businesses with complementary strengths, R&D capabilities, product pipelines and portfolios, geographical footprints, operational networks and cultures. The result is a stronger, more competitive Teva, well positioned to thrive in an evolving global marketplace to realise the opportunities the very attractive global and US generics markets offer, and to deliver the highest-quality generic medicines at the most competitive prices, unlocking value to patients, healthcare systems and investors around the world.

"The acquisition of Actavis Generics comes at a time when Teva is stronger than ever - in both our generics and specialty businesses," said Erez Vigodman, President and CEO, Teva. "Through our acquisition of Actavis Generics, we are creating a new Teva with a strong foundation, significantly enhanced financial profile and more diversified revenue source and profit streams backed by strong product development engines in both generics and specialty. This is a platform that is expected to generate multi-year top-line and bottom-line growth as well as significant cash flow."

As part of the approval from the European Commission, and in order to guarantee continuity of competition in the UK and Irish markets, the Commission instructed Teva to divest a viable standalone business operation based around Actavis' assets. This includes a portfolio of generic molecules, Actavis' Barnstaple manufacturing plant, and the management and people to run this business unit in the UK and Ireland. This standalone operation will be sold in the near future. The remainder of Allergan's generics business in the UK and Ireland is to be integrated with Teva's operation in line with the global transaction.