Teva To Sell UK And Ireland Actavis Assets And Operations For GBP 603 Mln

(RTTNews) - Teva Pharmaceutical Industries Ltd. (TEVA) said that it has agreed to sell assets and operations of Actavis Generics in the UK and Ireland to Accord Healthcare Limited, a subsidiary of Intas Pharmaceuticals Ltd, for an agreed value of 603 million pounds, subject to final approval from the European Commission.

The divestment of certain specified Actavis Generics assets and operations in the UK and Ireland was part of an undertaking that Teva 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 said it retains a number of Actavis non-overlapping generic products plus certain specialty medicines and OTC or over-the-counter products, which have been added to Teva's existing operations.

The transaction is expected to close in the next three months. Greenhill & Co. are serving as financial advisors to Teva, and Pinsent Masons are serving as legal counsel to Teva in respect of this transaction.