Teva completes acquisition of Allergan's generics arm

Israeli generics juggernaut Teva Pharmaceutical Industries (NYSE: TEVA) has ended a long-running saga by completing the deal to buy Actavis Generics from Ireland-incorporated Allergan (NYSE: AGN).

It follows approval being secured from the US Federal Trade Commission (FTC) for the takeover of Allergan’s generics arm last week, subject to Teva’s divestment of dozens of its assets to rival companies to prevent the merged entity being anticompetitive. Competition regulators in Europe also required divestitures for the deal to go forward.

Teva is therefore selling off the rights and assets related to 79 products to 11 different firms from around the world to comply with what was the largest drug divestiture order in a pharmaceutical merger case.