Teva’s Allergan acquisition approved by FTC

Teva announced yesterday that the Federal Trade Commission (FTC) has accepted its proposed $40.5 billion buyout of Allergan’s generics business after the Isreal-based company agreed to sell nearly 80 products to address competition concerns.

The FTC, which previously said the deal would violate competition laws, has accepted the acquisition on the understanding that Teva sells the rights and assets of 79 products.

Among the divested products are anaesthetics, antibiotics, weight loss drugs and oral contraceptives.

The products will be distributed to Mayne Pharma, Impax Laboratories, Dr Reddy’s Laboratories, Sagent Pharmaceuticals, Cipla, Zydus Worldwide, Mikah Pharma, Perrigo Pharma, Aurobindo Pharma, Prasco and 3M Company.

Erez Vigodman, chief executive of Teva, said: “We are pleased to have received all of the requisite regulatory approvals for our acquisition of Actavis Generics [Allergan].”

Teva and Allergan must divest the drugs no later than ten days after the acquisition is completed.

Debbie Feinstein, director of the FTC’s bureau of competition, said: “Millions of Americans rely daily on generic drugs to treat a wide range of illnesses.

“The FTC’s settlement safeguards the competitive availability of these medications for patients across the country who depend on them.”