Teva agrees to buy Allergan's generic-drug unit for US$40.5b
Deal allows Israeli drugmaker to extricate itself from its increasingly antagonistic pursuit of Mylan
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London
ISRAELI drugmaker Teva Pharmaceuticals Industries Ltd has agreed to buy the generic-drug business of Allergan plc for about US$40.5 billion in cash and stock, and ended its hostile bid for Mylan NV.
Teva will pay US$33.75 billion in cash and US$6.75 billion worth of shares at Monday's price, or about 10 per cent of the enlarged company, the Petach Tikva, Israel-based company said in a statement. Teva surged as much as 11 per cent as trading resumed in Tel Aviv.
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