Teva, Allergan continue to shed assets with $586 million sale to Impax
- Impax Laboratories on Tuesday said it will buy a bundle of 15 marketed generic drugs along with several other assets from Teva and Allergan in a $586 million deal.
- As part of the agreement, Impax regains full commercial rights to a generic version of Concerta, which is pending approval in the U.S.
- Teva has been divesting a number of non-core drugs as it works to allay anti-trust concerns over its $41 billion acquisition of Allergan's generics unit. European regulators have already signed off on the deal, but the U.S. Federal Trade Commission's review is still ongoing.
Under the deal, Impax will add a slew of generic products to its portfolio. In addition to the 15 marketed generic drugs, Impax also gains three products which are already approved but not yet launched and two others pending approval.
Impax previously was partnered with Teva in developing a generic version of the attention-deficit disorder and narcolepsy drug Concerta, sold under brand name by Johnson & Johnson.
"Through this transaction, we will be expanding our portfolio of difficult-to-manufacture or limited-competition products and maximizing utilization of our existing manufacturing facilities in Hayward, California and Taiwan," said Fred Wilkinson, CEO at Impax.
Collectively, the 15 products pulled in around $150 million in net sales last year and are expected to add roughly $80 million of revenue for Impax in the second half of 2016.
The deal is contingent on the successful closing of Teva's agreement with Allergan, which is expected to occur sometime this month. In order to pass muster with the FTC, Teva has been slimming down and selling off certain drugs.
Earlier this month, Dr. Reddy's said it would buy 8 generic drugs from Teva and Allergan for $350 million.
- Impax Statement
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