Teva divesting $1b of assets - report


Reuters reports that Teva is selling assets in order to address antitrust concerns over its deal to buy Allergan's generic drug business.

Reuters cites "people familiar with the matter" as saying that Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) "is in the process of divesting about $1 billion worth of assets to address antitrust concerns over its deal to buy Allergan Plc's generic drugs business."

Teva is buying Allergan's generic drugs division Actavis Generics for $40.5 billion in cash and shares. The company has announced the raising of $6.75 billion in offerings of American Depositary Shares and Mandatory Convertible Preferred Shares to help finance the transaction.

Reuters reports that the $160 billion deal in which Pfizer is acquiring Allergan is contingent on the completion of the Teva-Actavis Generics deal.

The sources, who asked not to be identified, told Reuters that "the assets that Teva is divesting span the United States, Europe and the Middle East, and will be sold in a series of processes that are expected to be completed in early 2016."

Reuters says that Teva was unavailable for comment on the report.

Published by Globes [online], Israel business news - - on December 3, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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