Dr Reddy’s, Cipla, Aurobindo to buy products from Teva
July 29, 2016
Dr Reddy’s laboratories, Cipla and Aurobindo Pharma are among 11 firms that may acquire 79 existing and future drugs from Teva Pharmaceuticals as part of the condition set by the US Federal Trade Commission for $40.5 billion Teva-Allegran deal.
According to a statement issued by US FTC, Teva has agreed to sell the rights and assets related to 79 pharmaceutical products to settle FTC charges that its proposed $40.5 billion acquisition of Allergan PLC’s generic pharmaceutical business would be anti-competitive.
The remedy requires Teva to divest the drug portfolio to 11 firms and marks the largest drug divestiture order in an FTC pharmaceutical merger case, FTC said.
Israel-based Teva is the largest generic pharmaceutical producer in the world. Allergan is also a global producer of generic, branded and over-the-counter pharmaceuticals, and the third largest generic in the US.
“The acquirers of the divested products are: Mayne Pharma Group, Impax Laboratories, Dr Reddy’s Laboratories, Sagent Pharmaceuticals, Cipla, Zydus Worldwide DMCC, Mikah Pharma, Perrigo Pharma International, Aurobindo Pharma USA, Prasco and 3M Company,” FTC said. Teva and Allergan must divest the drug products no later than 10 days after the acquisition is complete, FTA further said.
Dr Reddy’s had earlier said that it had entered into a definitive agreement with Teva and an affiliate of Allergan PLC to acquire a portfolio of eight Abbreviated New Drug Applications (ANDAs) in the US for $350 million in cash.