Teva Pharmaceuticals completes sale of 31 generic drug products

Teva Pharmaceuticals has announced it has completed the sale of 31 generic drug products, which have been purchased by ANI Pharmaceuticals.

As part of the deal, Teva will receive $12.5 million (7.56 million pounds) in cash, plus a percentage of future gross profits resulting from sales of these treatments.

The products include 20 solid-oral immediate release drugs, four extended release medicines and seven liquid treatments, all of which have previously been approved by the US Food and Drug Administration.

Teva has completed the sale as part of its latest streamlining programme, which has seen it reduce staffing numbers by ten per cent and focus on more complex generics in the hope of recouping higher added value.

Arthur Przybyl, president and chief executive of ANI, said: "When launched, these products will strengthen our business by growing our revenue base and leveraging our manufacturing capabilities. We are excited that this transaction extends the ANI-Teva relationship beyond the existing generic testosterone gel partnership."