Intas Pharmaceuticals, through its wholly owned subsidiary Accord Healthcare, has bought Actavis UK and Ireland from Teva Pharmaceutical Industries for £603m in cash.

The transaction is part of the European Commission’s anti-trust divestiture requirements arising from Teva’s acquisition of Allergan’s generics business.

In a press release, Intas claimed that the deal:

• Is a "compelling strategic fit" which provides Accord with increased access to UK and Irish retail and hospital markets
• Expands its UK manufacturing presence with the addition of the Barnstaple site
• More than doubles its pan-European operations, with pro-forma revenues exceeding $500m
• Will make it a top 20 generics player globally

The transaction is due to complete in Q4 2016, subject only to regulatory approvals.

Vice chairman and managing director of Intas Binish Chudgar said: "This transaction represents a unique opportunity for Intas to build scale in UK and Ireland – adding to our market leading hospital franchise – and creates a strong platform for further European expansion.

"Through our subsidiary, Accord Healthcare, we have been operating successfully in Europe for more than a decade and this acquisition will make Accord a leading generics player in the UK market. We have a clear plan for the continuation and development of the Barnstaple site and the Actavis team and we look forward to welcoming them to the Intas Group. We are confident that the cultural alignment between Accord and Actavis UK & Ireland will ensure a smooth integration.”

The Barnstaple plant will become the Intas’s fourth UK site. Its investment represents the largest inward investment by an Indian company into the UK since the EU referendum and is a confirmation of its confidence in the future of the British economy, said its press release.

Intas is among the top ten Indian pharmaceutical companies and the largest privately held pharmaceutical company in India, with annual turnover in excess of US$1bnn, of which 60 per cent comes from international operations. The group has an extensive geographic footprint with presence in 70 countries worldwide and more than 80 per cent of export revenue coming from the US, UK and EU.