Siggi Olafsson, president & CEO - Global Generic Medicines, Teva, said, with the assets that it will retain, Teva will create an even stronger operation in the UK and Ireland.
Ahmedabad-based Intas Pharmaceuticals is acquiring NYSE-listed Teva Pharma's assets and operations in the UK and Ireland that are being operated by Actavis Generics.
According to a statement by Teva, Intas subsidiary Accord Healthcare has agreed to acquire the units run by Actavis Generics for an agreed value of £603 million (nearly Rs 5110.5 crore). The transaction is expected to close in the next three months and is subject to final approval from the European Commission, Teva said.
Siggi Olafsson, president & CEO - Global Generic Medicines, Teva, said, with the assets that it will retain, Teva will create an even stronger operation in the UK and Ireland.
"Teva is the leading provider of medicines to the UK National Health Service, and the addition of the retained Actavis assets strengthens our ability to be the partner of choice in these countries while preserving strong and healthy competition in a competitive marketplace," said Olafsson.
According to Teva, the divestment of certain specified Actavis Generics assets and operations in the UK and Ireland was part of an undertaking that it made to the European Commission in the context of the review of the acquisition of Actavis Generics by Teva earlier this year.
"The sale will include a portfolio of generic medicines plus a manufacturing plant in Barnstaple, England. Teva retains a number of Actavis non-overlapping generic products plus certain speciality medicines and OTC (over-the-counter) products, which have been added to Teva's existing operations," the leading global pharmaceutical company said in a statement.
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