Teva to sell certain Actavis Generics assets in UK, Ireland

JERUSALEM — Teva Pharmaceutical announced Wednesday that it would be selling certain assets and operations of Actavis Generics in the UK and Ireland to Accord Healthcare. The divestment, valued at about $769 million (£603 million), is part of an undertaking associated with the European Commission’s review of Teva’s acquisition of Actavis Generics. 

 

The sale will include a portfolio of generics, as well as a Barnstaple, England manufacturing plant. Teva will retain several non-overlapping Actavis generics, as well as certain specialty medications and OTC products. 

 

“The sale has been a success for Teva in that we have satisfied the EU Commission’s sale requirements for these businesses, subject to their final approval, and agreed on a good price for the assets,” Teva president and CEO of global generic medicines Siggi Olafsson 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.”

 

The deal is expected to close in the next three months.