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02 Aug 2016 | Other

Allergan plc Completes Divestiture of Global Generics Business to Teva Pharmaceuticals

Allergan plc (NYSE: AGN) today announced that it has completed the divestiture of its global generic pharmaceuticals business to Teva Pharmaceutical Industries Ltd. Allergan has received $33.4 billion in cash and 100.3 million shares of Teva stock valued at $5.4 billion based on the opening price of $53.39 for Teva Pharmaceutical Industries Ltd. shares on August 2, 2016. These shares are subject to a twelve month holding period post-close of the transaction. 

"With the divestiture of our Global Generics business, Allergan completes the most crucial step in its strategic evolution into a focused Branded Growth Pharma leader. Allergan is the most dynamic and exciting company in our industry and is well-positioned to expand our leadership across our seven key therapeutic areas, enhance our world-class R&D pipeline through Open Science and build on our strong track record of value creation," said Brent Saunders, Chief Executive Officer and President, Allergan.

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