Accord seals Â£603m Actavis takeover
Intas Pharmaceuticals, through its wholly owned subsidiary Accord Healthcare, has completed a Â£603m cash deal to buy Actavis UK and Actavis Ireland from Teva.
The deal is part of the European Commissionâ€™s anti-trust divestiture requirements arising from Tevaâ€™s purchase of Allerganâ€™s generics business.
The deal strengthens Accord's footprint in the UK and Ireland and takes Intas into the global top 20 generic companies. Accordâ€™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.
â€œThe completion of this acquisition captures a great opportunity for growth and demonstrates Intasâ€™ commitment to greater European expansionâ€, says Mr Binish Chudgar, vice-chairman and managing director of Intas. â€œThe 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 Accordâ€™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 Accordâ€™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.Â