 "Intas Pharma acquires Teva's UK and Ireland assets for GBP 603 mn")
The Ahmedabad-based Intas Pharmaceuticals Ltd has acquired Teva Pharmaceuticals’ assets and operations of Actavis Generics in the UK and Ireland for British Pound 603 million (approximately Rs 5110 crores) – making it one of the largest foreign acquisitions by the Indian pharmaceutical sector. The assets of Israeli firm were acquired by Intas through its subsidiary Accord Healthcare Limited.
The divestment of certain specified Actavis Generics assets and operations in the UK and Ireland was part of an undertaking that Teva made to the European Commission in the context of the review of the acquisition of Actavis Generics by Teva earlier this year. The sale will include a portfolio of generic medicines plus a manufacturing plant in Barnstaple, England. 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 operations.
“The sale has been a success for Teva in that we have satisfied the EU Commission’s sale requirements for these businesses, subject to their final approval, and agreed on a good price for the assets. With the assets that it will retain, Teva will create an even stronger operation in the UK and Ireland,” commented Siggi Olafsson, President & CEO Global Generic Medicines Teva, in a press release.
For Intas Pharmaceuticals, acquisition of Teva’s UK and Ireland assets will help it to take a big leap in European healthcare sector, one of its key overseas markets. Over the years, the company has been strengthening its presence in the continent. As part of this plan, the company acquired the hospital supply business of Spain’s Corporacion Combino Pharm, for an undisclosed amount, last year.
The Ahmedabad-based firm has marketing, out-licensing and contract manufacturing arrangements for many products shipped to Europe. In 2015, Intas received approval from the EU for filgrastim, a biosimilar injection, which helps bone marrow produce white blood cells in cancer patients undergoing chemotherapy.