Intas Pharmaceuticals Completes Deal to Acquire Actavis UK,Ireland Generics Businesses From Teva
Ahmedabad : Intas Pharmaceuticals Ltd. through its wholly-owned subsidiary Accord Healthcare Ltd. announced it has completed the deal to acquire Actavis UK Ltd. & Actavis Ireland Ltd. from Teva Pharmaceutical Industries Ltd. for an enterprise value of £603 million payable in cash. The transaction is part of the European Commission's anti-trust divestiture requirements arising from Teva's acquisition of Allergan's generics business.
Following the completion of the acquisition, Accord strengthens its footprint in the UK and Ireland retail market to become a leading player in the industry at European level, while Intas becomes a top 20 generic player globally. The combination with Actavis UK Ltd. and Actavis Ireland gives Accord an exciting opportunity to build on its already strong position in the market, providing the Company with increased access to UK and Irish retail and hospital markets. The combination of these two high performing businesses, expands Accord's UK manufacturing presence with the addition of the GMP Barnstaple site owned by Actavis, resulting in a combined regional base revenue of more than half a billion euros per year, and a workforce of more than 1,000 employees.
"The completion of this acquisition captures a great opportunity for growth and demonstrates Intas' commitment to greater European expansion," says Mr Binish Chudgar, Vice Chairman and Managing Director of Intas. "The joining of these two companies means we can continue our successful European operating path, which started more than a decade ago. We are a leading generics player in the UK market, with a clear plan for continued growth and development of the Barnstaple site and the Actavis team. Through our subsidiary, Accord Healthcare, we are welcoming the Actavis team into the Intas family and will ensure a smooth integration of the two businesses," Chudgar added.
This acquisition further demonstrates Accord's commitment to UK manufacturing, adding to the recent significant investment to reinstate a facility in Newcastle. The Barnstaple plant will become one of Accord's four UK sites, ensuring the company has one of the most extensive local supply chains to service pharmacies, clinicians, hospitals and wholesalers across UK and Ireland, and into Europe.