Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) announced yesterday that it has received regulatory approval from the European Commission for its acquisition of Allergan plc’s global generics business.
As part of the approval, Teva has agreed to the divestment of certain overlapping molecules in 24 European countries, other than the United Kingdom, Ireland and Iceland. In the United Kingdom and Ireland, Teva will divest a majority of the current Allergan Generic business. As required by the European Commission, the divested business will be capable of manufacturing and marketing generic medicines. The remainder of the Allergan Generics UK/Ireland business will be integrated with Teva’s operations in line with the global transaction. In Iceland, Teva will divest its generic business while retaining the Allergan Generics business.