Teva Announces Completion of Sale of UK and Ireland Actavis Assets and Operations Following European Commission Approval
January 09 2017 - 7:30AM
Business Wire
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) today
announced the completion of the sale of the majority of the assets
and operations of Actavis Generics in the UK and Ireland to Accord
Healthcare Limited (a subsidiary of Intas Pharmaceuticals Ltd). The
sale, first announced in October last year, has completed for an
agreed value of GBP 603 million following approval from the
European Commission.
The divestment of specified Actavis Generics assets and
operations in the UK and Ireland was part of an undertaking that
Teva made to the European Commission in order to obtain approval to
proceed with its acquisition of Actavis Generics last year. The
sale includes a portfolio of generic medicines plus a manufacturing
plant in Barnstaple, England. Within the UK and Ireland Teva
retains a number of Actavis non-overlapping generic products plus
certain specialty medicines and OTC (over-the-counter) products,
which have been added to Teva’s existing businesses.
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is a
leading global pharmaceutical company that delivers high-quality,
patient-centric healthcare solutions used by millions of patients
every day. Headquartered in Israel, Teva is the world’s largest
generic medicines producer, leveraging its portfolio of more than
1,800 molecules to produce a wide range of generic products in
nearly every therapeutic area. In specialty medicines, Teva has a
world-leading position in innovative treatments for disorders of
the central nervous system, including pain, as well as a strong
portfolio of respiratory products. Teva integrates its generics and
specialty capabilities in its global research and development
division to create new ways of addressing unmet patient needs by
combining drug development capabilities with devices, services and
technologies. Teva's net revenues in 2015 were $19.7 billion. For
more information, visit www.tevapharm.com.
Teva's Safe Harbor Statement under the U. S. Private
Securities Litigation Reform Act of 1995:
This release contains forward-looking statements, which are
based on management’s current beliefs and expectations and involve
a number of known and unknown risks and uncertainties that could
cause our future results, performance or achievements to differ
significantly from the results, performance or achievements
expressed or implied by such forward-looking statements. Important
factors that could cause or contribute to such differences include
risks relating to: our ability to develop and commercialize
additional pharmaceutical products; competition for our specialty
products, especially Copaxone® (which faces competition from
orally-administered alternatives and a generic version); our
ability to realize the anticipated benefits of the acquisition of
Allergan plc’s worldwide generic pharmaceuticals business (“Actavis
Generics”), and the timing of realizing such benefits; our ability
to fully and efficiently integrate Actavis Generics and to achieve
the anticipated cost savings, synergies, business opportunities and
growth prospects from the combination; the fact that we are now
dependent to a much larger extent than previously on our generic
pharmaceutical business; our ability to develop and launch new
generic products from the Actavis Generics pipeline on the
anticipated timelines; potential restrictions on our ability to
engage in additional transactions or incur additional indebtedness
as a result of the substantial amount of debt we have incurred to
finance the Actavis Generics acquisition; the fact that we will
have significantly less cash on hand than prior to the consummation
of the Actavis Generics acquisition, which could adversely affect
our ability to grow; our ability to achieve expected results from
investments in our pipeline of specialty and other products; our
ability to identify and successfully bid for suitable acquisition
targets or licensing opportunities, or to consummate and integrate
acquisitions; the extent to which any manufacturing or quality
control problems damage our reputation for quality production and
require costly remediation; increased government scrutiny in both
the U.S. and Europe of our patent settlement agreements; our
exposure to currency fluctuations and restrictions as well as
credit risks; the effectiveness of our patents, confidentiality
agreements and other measures to protect the intellectual property
rights of our specialty medicines; the effects of reforms in
healthcare regulation and pharmaceutical pricing, reimbursement and
coverage; competition for our generic products, both from other
pharmaceutical companies and as a result of increased governmental
pricing pressures; governmental investigations into sales and
marketing practices, particularly for our specialty pharmaceutical
products; adverse effects of political or economic instability,
major hostilities or acts of terrorism on our significant worldwide
operations; interruptions in our supply chain or problems with
internal or third-party information technology systems that
adversely affect our complex manufacturing processes; significant
disruptions of our information technology systems or breaches of
our data security; competition for our specialty pharmaceutical
businesses from companies with greater resources and capabilities;
the impact of continuing consolidation of our distributors and
customers; decreased opportunities to obtain U.S. market
exclusivity for significant new generic products; potential
liability in the U.S., Europe and other markets for sales of
generic products prior to a final resolution of outstanding patent
litigation; our potential exposure to product liability claims that
are not covered by insurance; any failure to recruit or retain key
personnel, including, in particular, former Actavis Generics
personnel who have transitioned to Teva or to attract additional
executive and managerial talent; any failures to comply with
complex Medicare and Medicaid reporting and payment obligations;
significant impairment charges relating to intangible assets,
goodwill and property, plant and equipment; the effects of
increased leverage and our resulting reliance on access to the
capital markets; potentially significant increases in tax
liabilities; the effect on our overall effective tax rate of the
termination or expiration of governmental programs or tax benefits,
or of a change in our business; variations in patent laws that may
adversely affect our ability to manufacture our products in the
most efficient manner; environmental risks; the possibility of
additional adverse consequences arising from our recent
FCPA-related settlement with the U.S. government, including
limitations on our conduct of business in various countries,
adverse judgments in shareholder lawsuits and fines, penalties or
other sanctions imposed by government authorities in other
countries; and other factors that are discussed in our Annual
Report on Form 20-F for the year ended December 31, 2015 and in our
other filings with the U.S. Securities and Exchange Commission (the
SEC). Forward-looking statements speak only as of the date on which
they are made and we assume no obligation to update or revise any
forward-looking statements or other information, whether as a
result of new information, future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20170109005068/en/
Teva Pharmaceuticals Industries Ltd.IR:United StatesKevin C.
Mannix, 215-591-8912orUnited StatesRan Meir,
215-591-3033orIsraelTomer Amitai, 972 (3)
926-7656orPR:IsraelIris Beck Codner, 972 (3)
926-7246orUnited StatesDenise Bradley, 215-591-8974
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