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Teva completes Actavis takeover

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Teva completes Actavis takeover

Teva Pharmaceutical Industries announced yesterday that it has completed its acquisition of Allergan’s generics business ('Actavis Generics'). 

"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," said a Teva press release. "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."

Erez Vigodman, president and chief executive of Teva, said: “The acquisition of Actavis Generics comes at a time when Teva is stronger than ever – in both our generics and specialty businesses. 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, said the Teva release. 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.

In the UK, 33 roles are transitioning from Actavis into the Teva UK business, as well as several generic lines, medicines to treat cystic fibrosis and some over-the-counter products, including Sudocrem and Infacol (simethicone). Teva now employs over 1,300 people in the UK across multiple locations focusing on the research and development, manufacturing, production, packaging and marketing of devices used in the UK and across the world.

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