Teva divests Actavis assets to Accord Healthcare

Teva has agreed to sell certain assets and operations of Actavis Generics in the UK and Ireland to Accord Healthcare, a subsidiary of Indian generics firm Intas Pharmaceuticals.

The £603 million ($767 million) agreement is subject to final approval from the European Commission.

Earlier this year, Teva agreed with the commission to divest certain assets after its acquisition of Actavis Generics.

Accord Healthcare will gain ownership of a portfolio of generic medicines, as well as a manufacturing plant in Barnstaple, England.

Teva will still have ownership of a number of Actavis’s generic drugs, including some speciality medicines and over-the-counter products.

Siggi Olafsson, president and CEO of Global Generic Medicines Teva, said: “The sale has been a success for Teva in that we have satisfied the commission’s sale requirements for these businesses, subject to their final approval, and agreed on a good price for the assets.

“With the assets that it will retain, Teva will create an even stronger operation in the UK and Ireland.”

The transaction is expected to close by the end of 2016.

Last July, LSIPR  reported that the US Federal Trade Commission had also ordered Teva to divest nearly 80 products to address competition concerns over the Actavis buyout.