Teva completes acquisition of Actavis Generics

Teva has announced the completion of its acquisition of Actavis Generics, a move that will greatly expand its global reach.

The company has purchased the generics business of Allergan, meaning it can now offer more than 1,800 medicines and 16,000 products. Its commercial presence extends across 80 markets, including a top-three leadership position in more than 40 countries.

Acquiring Actavis Generics gives Teva access to approximately 338 product registrations pending US regulatory approval and a pipeline capable of more than 5,000 launches across Europe.

Overall, Teva is now planning more than 1,500 generic launches globally in 2017, with cost synergies and tax savings of approximately $1.4 billion (1.07 billion pounds) annually by the end of 2019.

Erez Vigodman, president and chief executive officer of Teva, said: "We are creating a new Teva with a strong foundation, significantly enhanced financial profile and more diversified revenue sources and profit streams backed by strong product development engines in both generics and specialty."

This follows Teva's takeover of the pharmaceutical manufacturing and distribution company Rimsa earlier this year.