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Allergan sells generic drug unit to Israel's Teva for $40.5 billion

Allergan sells generic drug unit to Israel's Teva for $40.5 billion

Pharmaceutical company Allergan has agreed to sell its generic drug unit to Teva Pharmaceutical Industries of Israel for $40.5 billion, a move that will enable Allergan to focus on branded drugs, including blockbuster wrinkle treatment Botox. The acquisition is the latest in a series of pharmaceutical industry mergers and acquisitions, and the latest reconfiguration of Actavis, the Irish drug company that bought Allergan in November and took over its name. On Monday, the new Allergan agreed to sell its generic brand division to Teva. Allergan will receive $33.75 billion in cash and $6.75 billion in Teva stock. Analysts said it was the largest acquisition ever by an Israeli company. ...

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