- A number of pharma companies and private equity firms, including Novartis and Mylan, are considering buying parts of Teva's European portfolio, reports Bloomberg.
- Teva plans to divest assets in the U.K., Ireland, and Iceland in order to clear regulatory approval for its $40.5 billion acquisition of Allergan's generics business.
- The European Commission approved the buyout under those terms in March but a review by the U.S. Federal Trade Commission is still ongoing. Teva has said it expects the deal to close in June.
Adding Allergan's generics business would further cement Teva's status as the world's largest generic drugmaker. But in order to assuage antitrust concerns from European and American regulators, Teva has had to agree to a complex web of divestitures.
As part of its deal with the European Commission, Teva will sell off "certain overlapping molecules" in 24 European countries, excluding the U.K., Ireland, and Iceland. In the U.K. and Ireland, Teva plans to divest most of Allergan's generic business (when the acquisition is completed). In Iceland, on the other hand, Teva will sell its existing business while retaining Allergan's.
Novartis and Mylan, as well as the private equity firms Apollo Global Management and Cinven, are considering snapping up those drugs in the U.K., Ireland, and Iceland, according to Bloomberg. All together, the businesses could sell for between $1.5 billion and $2 billion.
Teva saw mixed results in first quarter. U.S. generics sales dropped sharply as ezomeprazole and budesonide lost exclusivity. Specialty drugs, such as the multiple sclerosis drug Copaxone, performed well however, and net income increased due to lower expenses.