Actavis UK & Ireland is supported in the UK through its Barnstaple site
Intas Pharmaceuticals (Intas), through its wholly owned subsidiary Accord Healthcare (Accord), has entered into definitive agreements to acquire Actavis UK and Actavis Ireland (Actavis UK & Ireland) from Teva Pharma Industries (Teva) for an enterprise value of approximately £600 million payable in cash. The transaction is part of the European Commission’s anti-trust divestiture requirements arising from Teva’s acquisition of Actavis Generics.
Actavis UK and Ireland is a supplier of generic pharma in both the UK and Irish markets with selected assets and operations across the respective markets. Actavis UK and Ireland is supported in the UK through its Barnstaple site, which provides services both to Actavis UK and Ireland and other third parties.
“This transaction represents a unique opportunity for Intas to build scale in the UK and Ireland – adding to our market leading hospital franchise – and creates a strong platform for further European expansion,” said Binish Chudgar, Vice Chairman and Managing Director of Intas. “Through our subsidiary, Accord Healthcare, we have been operating successfully in Europe for more than a decade and this acquisition will make Accord a leading generics player in the UK market. We have a clear plan for the continuation and development of the Barnstaple site and the Actavis UK and Ireland team; we look forward to welcoming them to the Intas Group. We are confident that the cultural alignment between Accord and Actavis UK and Ireland will ensure a smooth integration.”
“Together we have a great opportunity to build on the strong foundations of our respective organisations; we are excited to join the Intas/Accord family and look forward to an exciting future together,” said Sara Vincent, Actavis SVP UK and Ireland.
Reportedly the transaction is subject to regulatory approval, which is expected to be provided in the next three months, with completion following shortly thereafter.