TEVA Teva Pharmaceutical Industries Ltd

Teva Pharmaceutical Industries Ltd. said its acquisition of Allergan PLC's generics unit will close later than expected, as it works to obtain approval from federal regulators.

Shares of Teva, which have fallen about 13% over the past three months, slid 3.7% on Tuesday morning to $220.80.

The company in July agreed to buy Actavis Generics for $40.5 billion in cash and stock, in a deal that will vault the Israeli company into the top ranks of global drugmakers.

On Tuesday, Teva said significant progress has been made toward completing the acquisition, but it now anticipates it could take until as long as June to wrap up the deal based upon its current estimate of the timing to obtain clearance from the U.S. Federal Trade Commission. Teva previously had expected to close the transaction as early as the end of the first quarter.

The company already has regulatory approval from the European Commission.

The acquisition, the latest in a wave of consolidation in the drug industry, combines Teva, the world's largest generic-drug company by sales, with the third-largest.

It will give Teva increased scale in the competitive generic-drug market and an opportunity to pursue further cost reductions that could help it cope with the end of a wave of big patent expirations.

Write to Anne Steele at Anne.Steele@wsj.com

(END) Dow Jones Newswires

March 15, 2016 11:15 ET (15:15 GMT)

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