Teva Gets Green Signal to Acquire Actavis with Divestiture of Seventy Nine Existing and Future Drugs
Teva Pharmaceutical Industries Ltd got a green signal from the U.S. Federal Trade Commission to buy Actavis Inc, Allergan Plc's generic drug-making unit for $40.5 billion as the companies agreed to divest seventy nine existing and future drugs. That includes antibiotics, weight-loss drugs, anesthetics as well as oral contraceptives. They are used in ADHD treatments, treatments for allergies, arthritis, diabetes, high blood pressure, cancer, mental illness, pain, Parkinson's disease and respiratory, skin and sleep disorders and others.
It is the biggest divestiture in the history of the industry's mergers deals, to preserve competition.
According to the FTC, the divestitures must be completed ten days after Israel based Teva acquires Actavis Inc.
Currently, Teva Pharmaceutical Industries Ltd. which is an Israeli-American multinational pharmaceutical company is United State's largest generic drug company. It has an overall market share of approximately thirteen percent where as Allergan ranks third with nine percent market share of generic sales. According to FTC, five of the largest generic drug suppliers make up for almost half of total generic sales.
Debbie Feinstein, director of the FTC's Bureau of Competition said, "Millions of Americans rely daily on generic drugs to treat a wide range of illnesses. The FTC's settlement safeguards the competitive availability of these medications for patients across the country who depend on them."
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