Intas set to buy Teva’s UK & Ireland assets for $775 million – Feedback

Ahmedabad drug maker Intas Pharmaceuticals is close to acquiring a part of the assets of Teva Pharmaceuticals in UK and Ireland for an enterprise value of around $775 million (Rs 5,158 crore) payable in cash, sources familiar with the deal told ET. The deal ends a much-watched bidding war for the sale of assets that include a long list of products and a manufacturing site.

A formal announcement is expected later today in London. Closely held Intas has trumped larger domestic peer Aurobindo PharmaBSE -0.21 % and Cinven, added the sources mentioned above. This would also be among the largest cross border M&A by an Indian pharma player. Teva’s divestiture process is mandated by UK’s antitrust authority as part of the $40.5 billion acquisition that the Israeli generics behemoth signed last year with Allergan for its generics business. With the acquisition of Teva’s products, sold through erstwhile Actavis’ operations, Intas is set to emerge as a top player in the UK generics market. The deal will further strengthen its reach in hospital-based products and add at least one more manufacturing capability to its existing three plants. The latest deal with Teva is expected to double Intas’ European sales to over $500 million. Sales of Teva’s UK and Ireland business stood at roughly $325 million during 2015.

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