Israeli Teva Pharmaceutical completes acquisition of oncology drugs factory in Bucharest

31

Israeli drugs giant Teva Pharmaceutical completed its USD 40 billion acquisition of the generics arm of rival Allergan, according to an official statement, timesofisrael.com informs, the deal including also Actavis-Sindan Pharma oncology drugs factory in Bucharest.

In September last year, Teva has internationally reached an agreement whereby took generics division of Allergan group (former Actavis), of which the unit in Romania is part of.

The division was sold for USD 33.4 billion in cash and USD 6.75 billion in shares (below 10 percent).

By Allergan-Actavis merger, Teva climbs from 18th place on the 9th on domestic pharmaceutical market, with cumulative sales of about RON 400 million (EUR 90 million) and a market share of 3.5 percent, according to Profit.ro using Cegedim data from 2015.

This deal is the largest in Israeli history. The Israeli multinational was already the world’s largest manufacturer of generic drugs — non-branded, cheaper alternatives to branded drugs that have lost their patent.

Allergan Generics was the third largest in the same market by sales, and the acquisition gives Teva a large market lead and catapults it into the top 10 pharmaceutical firms globally, according to the company’s figures.

Teva CEO Erez Vigodman said it was part of a wider plan to become one of “most competitive, fully integrated companies in the industry.” Teva had revenues of USD 19.6 billion in 2015, but the firm estimates that after the takeover these will rise to at least USD 26.7 billion by 2019.

- Advertisement -

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More