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US: Teva says Allergan deal to close ‘any time’

By  |  July 13, 2016

Teva Pharmaceutical Industries said on Wednesday it expected its $40 billion deal to buy Allergan generics business to close “at any time,” even as the companies extended the deadline for completing the transaction to October to allow more time for the US antitrust review.

The deal was announced more than a year ago and had been expected to wrap up last month, but it has taken longer as the companies have arranged sales of more drugs than anticipated to clear the antitrust regulators.

“We expect the closing of the … generics deal at any time now,” Teva Chief Executive Officer Erez Vigodman said during a conference call with analysts to discuss the Israeli drugmaker’s financial outlook.

The deal closing is contingent on clearance from the US Federal Trade Commission, the antitrust regulator reviewing the deal, which the companies said they expect at any time. After it clears that hurdle, it will take another 10 days to close on the sale, Vigodman said.

Full Content: Reuters

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