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UK: Teva divests more assets to win EC approval for Allergan deal

 |  October 6, 2016

Paving the way for European antitrust clearance, Teva Pharmaceutical Industries has agreed to sell the UK and Ireland assets inherited in connection with its $40.5 billion acquisition of the Allergan generics business that closed earlier in the year.

The buyer is Indian pharmaceutical company Intas Pharmaceuticals, which via its Accord Healthcare subsidiary has agreed to pay 603 million pounds for the group of assets and operations.

The deal is expected to close in the next three months, according to a Wednesday, Oct. 5, announcement.

For Israeli-headquartered Teva, the sale is the product of a review conducted by the European Commission requiring divestitures associated with the Allergan generics deal. Following completion of the asset sale to Intas, Teva said it will have satisfied the regulatory agency’s sale requirements.

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