Impax shells out $586 million in Teva's generics sell-off
USA-based Impax Laboratories (Nasdaq: IPXL) has become the latest company to buy up assets being sold by Israeli generics giant Teva Pharmaceutical Industries (NYSE: TEVA) in a $586 million deal.
Teva is offloading certain assets as a pre-condition of its $40.5 billion purchase of the generics business of Ireland-incorporated Allergan (NYSE: AGN) to avoid the merged entity breaching competition requirements.
The latest sell-off will see Impax gaining a broad portfolio of generic products across solid oral, inhalable, injectable and topical dosage forms, and regain the rights to the pending abbreviated new drug application (ANDA) for the generic equivalent to the central nervous system stimulant Concerta (methylphenidate hydrochloride).
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