Intas Pharmaceuticals, through its wholly owned subsidiary Accord Healthcare, has completed a £603m cash deal to buy Actavis UK and Actavis Ireland from Teva.

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

The deal strengthens Accord's footprint in the UK and Ireland and takes Intas into the global top 20 generic companies. Accord’s UK manufacturing presence is enhanced with the addition of Actavis' Barnstaple site, creating a combined regional base revenue of over half a billion euros per year, and a workforce of more than 1,000 employees.

“The completion of this acquisition captures a great opportunity for growth and demonstrates Intas’ commitment to greater European expansion”, says Mr Binish Chudgar, vice-chairman and managing director of Intas. “The joining of these two companies means we can continue our successful European operating path, which started more than a decade ago."

This acquisition further demonstrates Accord’s commitment to UK manufacturing, adding to the recent significant investment to reinstate a facility in Newcastle, the company said in a press release. The Barnstaple plant will become one of Accord’s four UK sites, ensuring the company has one of the most extensive local supply chains to service pharmacies, clinicians, hospitals and wholesalers across UK and Ireland, and into Europe.