Teva to expand operations

prescription, pharmacy, drugs, pillsIsraeli pharmaceutical giant, Teva, says it is buying the generic drug business of Allergan for $US40.5 billion ($A55.68 billion).

Teva will pay $US33.75 billion in cash and offer $US6.75 billion of its stock to Allergan, the company said on Monday, in a major move that will further shake up the industry.

However, Teva said it was withdrawing its offer of $US40.1 billion for rival Mylan, a US listed company that moved to the Netherlands a year ago for fiscal reasons.

Mylan had dismissed Teva’s $US40.1 billion bid in April, and on Thursday, Mylan’s independent foundation said it would exercise a call option allowing it buy shares to control half the company to fend off the hostile takeover.

Addressing the mega deal for Allergan’s generics business, Teva chief executive, Erez Vigodman ,said in a statement:

“This acquisition comes at a time when Teva is stronger than ever, in both our generics and speciality businesses.”

“This transaction is another step forward on our roadmap to reinforce our already strong position,” he added.

AFP

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