June 28--Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) continues to sell product lines in order to obtain regulatory approval from the US Federal Trade Commission for its acquisition of the generics division of Allergan plc. Australian pharmaceuticals company Mayne Pharma has announced that it has agreed to buy a portfolio of US generic products from Teva and Allergan for $652 million cash. The company said, "The Portfolio consists of 37 approved products and 5 FDA filed products in attractive markets with limited competition, across a range of therapeutic areas."
Mayne Pharma CEO Scott Richards said, "The acquisition transforms Mayne Pharma's Generic Products Division into a top 25 player in the US retail generics market, diversifying Mayne Pharma's earnings across a broad range of products, therapeutic areas and technologies. This attractive Portfolio spans multiple dosage forms and complements our expertise in higher-value niche, differentiated products. The on-market products have strong shares in stable, mature markets, while the pipeline products are expected to deliver additional growth in attractive markets as they are launched over the next couple of years."
This transaction follows other purchases of Teva products reported recently. A week ago, Impax Laboratories announced the purchase of a portfolio of fifteen generic products already on sale, and of the rights to apply for marketing approval for generic Concerta, for a total of $586 million. Dr. Reddy's announced a $350 million deal, Sagent announced a $40 million deal, and Zydus Healthcare bought products from Teva for an undisclosed amount.
In advance of the completion of its $40.5 billion acquisition of Allergan's generics division, Teva has been required to divest several product lines in order to prevent harm to competition, as part of the regulatory approval process. Teva recently estimated that the acquisition would be completed by the end of June. Teva announced the acquisition in July 2015, and since then has twice postponed its completion.
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