TEVA Teva Pharmaceutical Industries Ltd

By Anne Steele 

Teva Pharmaceutical Industries Ltd. on Wednesday agreed to sell Actavis Generics assets and operations in the U.K. and Ireland to Accord Healthcare Ltd. for GBP603 million ($768.4 million), satisfying European Union regulators as it works to complete its planned purchase of Allergan PLC's generics unit.

The divestment of certain Actavis Generics assets and operations was part of an undertaking that Teva made to the European Commission while it was reviewing Teva's acquisition of Actavis Generics. The sale will include a portfolio of generic medicines plus a manufacturing plant in Barnstaple, England. Actavis was renamed Allergan last year, after doing $100 billion in deals the year before that gave it brand-name drugs.

"The sale has been a success for Teva in that we have satisfied the EU Commission's sale requirements for these businesses, subject to their final approval, and agreed on a good price for the assets," said Siggi Olafsson, chief executive of Global Generic Medicines Teva.

For more than a year, Teva has been working to close its $40.5 billion purchase of Allergan's generics unit. In March, Teva said the deal would close later than expected as it works to obtain regulatory approval.

The divestment deal, expected to close in the next three months, is subject to European Commission approval.

Teva shares fell 5.4% midday to $170.20.

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

(END) Dow Jones Newswires

October 05, 2016 12:44 ET (16:44 GMT)

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