Teva sheds former Actavis business to satisfy competition requirements of its Allergan generics takeover
Indian company Intas Pharmaceuticals has agreed to buy the UK and Ireland portion of Actavis’s generics business from Israeli firm Teva for £600 million in cash.
The European commission has stipulated that Teva must sell off this segment to maintain competition as it absorbs Allergan’s global generics business – which predominantly comprises former Actavis operations.
Unlisted and largely family-held Intas is one of India’s top 10 Indian pharmaceutical firms by revenue. It already derives 60% of its revenues from international sales, focusing on speciality drugs for central nervous system diseases, nephrology, urology, orthopaedics and cardiology. It is also a major player in indigenously developed biosimilars (generic versions of biological drugs) for domestic Indian consumption. This deal will strengthen the company’s position in the UK and Ireland, adding another manufacturing facility to its three existing plants in the UK.