Teva Pharmaceutical Industries is planning to sell off assets and operations of Actavis Generics in the UK and Ireland to Intas Pharmaceuticals subsidiary Accord Healthcare for £603 million.
The move, which remains subject to final regulatory approval, is part of an agreement with the European Commission to sell off certain assets in various countries it acquired through its $40.5-billion purchase of Allergan's global generics business.
The sale will include a portfolio of generic medicines plus a manufacturing plant in Barnstaple, England.
The remainder of the Allergan Generics UK/Ireland business will be integrated with Teva's operations in line with the global transaction.
"With the assets that it will retain, Teva will create an even stronger operation in the UK and Ireland," said Siggi Olafsson, president and chief executive of Global Generic Medicines Teva.
"Teva is the leading provider of medicines to the UK National Health Service, and the addition of the retained Actavis assets strengthens our ability to be the partner of choice in these countries while preserving strong and healthy competition in a competitive marketplace."