Teva Pharmaceutical Industries has completed its acquisition of Allergan's generics business, Actavis Generics.
The move brings together two leading generics businesses with complementary strengths, R&D capabilities, product pipelines and portfolios, geographical footprints, operational networks and cultures. As a result, Teva will be in a better position to thrive in an evolving global marketplace and to deliver high-quality generics medicines at competitive prices, providing better value to patients, healthcare systems and investors.
“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 of 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, Teva will divest a viable standalone business operation based around Actavis’ assets, including a portfolio of generic molecules, Actavis’ Barnstaple manufacturing plant, and the management and people to run this business unit in the UK and Ireland.
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.