Teva’s purchase of Allergan’s global generics business approved

The European Union has given its conditional backing to a planned takeover of Allergan's global generics business by Teva.

The $40 billion purchase has been approved after Teva agreed to divest certain overlapping molecules in 24 European countries other than the UK, Iceland and Ireland.

The divested business must also be capable of manufacturing and marketing generic medicines.

The rest of the Allergan Generics UK/Ireland business will be integrated with Teva's operations in line with the global transaction.

Meanwhile, in Iceland the company will divest its generic business but retain the Allergan Generics division.

Teva added that it is continuing to work closely with the US Federal Trade Commission in order to obtain regulatory approval on the other side of the Atlantic.