Castleford Based Pharmaceutical Group Expands with $30BN Deal
Mon 08 Aug 2016
A pharmaceutical group with its UK headquarters in Castleford has expanded with a £30bn deal.
Teva is an Israeli business which has its UK headquarters in Castleford. It has paid Allergan $33.4bn (£25.1bn) in cash for Actavis Generics as well as a further $5.4bn (£4.1bn) in stock. The acquired business produces about five billion tablets per year at its manufacturing facility in Barnstaple.
The deal covers the Actavis Global Generics business, including commercial units, third-party supplier Medis, manufacturing operations, an R&D unit, as well as some established international brands.
A total of 33 jobs in the UK will be transferred from Actavis to the Teva UK business, as well as several generic lines, medicines to treat cystic fibrosis and some over-the-counter products.
Teva has also been instructed by the European Commission to divest a "viable standalone business operation based around Actavis' assets".
This will include the Barnstaple manufacturing plant and the management and people to run this business unit in the UK and Ireland. It is expected to be sold in the near future.
Richard Daniell, UK general manager and chief integration officer at Teva, said:
"We are really pleased to have reached Day One of this acquisition and are delighted to be welcoming so many talented individuals to our expanded organisation.
"Our job now is to embrace the new opportunities available to us and continue to work to deliver positive outcomes for both patients and the NHS."
Brent Saunders, chief executive and president Allergan, added:
"With the divestiture of our Global Generics business, Allergan completes the most crucial step in its strategic evolution into a focused Branded Growth Pharma leader.
"We thank our global generics colleagues for their extraordinary efforts in building a leading Generics business. We look forward to seeing their continued success, now combined with Teva's world-class generics business."