This acquisition is set to more than double Intas’ pan-European operations, with pro-forma revenues exceeding $500 million
Intas Pharmaceuticals, through its wholly owned subsidiary Accord Healthcare, announced that it has entered into definitive agreements to acquire Actavis UK and Actavis Ireland from Teva Pharmaceutical Industries for an enterprise value of approximately £600 million payable in cash. The transaction is part of the European Commission’s anti-trust divestiture requirements arising from Teva’s acquisition of Actavis Generics.
The transaction is set to empower Intas as a top 20 generics player globally and is only subject to regulatory approval, which is expected to be provided in the next three months, with completion following shortly thereafter. This acquisition is set to more than double Intas’ pan-European operations, with pro-forma revenues exceeding $500 million. It will also establish Accord as a leading player in the UK generics market, as it is a compelling strategic fit and will increase its access to UK and Irish retail and hospital markets.
“This transaction represents a unique opportunity for Intas to build scale in the UK and Ireland – adding to our market leading hospital franchise – and creates a strong platform for further European expansion” says Binish Chudgar, Vice Chairman and Managing Director of Intas. “Through our subsidiary, Accord Healthcare, we have been operating successfully in Europe for more than a decade and this acquisition will make Accord a leading generics player in the UK market. We have a clear plan for the continuation and development of the Barnstaple site and the Actavis UK and Ireland team; we look forward to welcoming them to the Intas Group. We are confident that the cultural alignment between Accord and Actavis UK & Ireland will ensure a smooth integration.”
“Together we have a great opportunity to build on the strong foundations of our respective organisations; we are excited to join the Intas/ Accord family and look forward to an exciting future together” says Sara Vincent, Actavis SVP UK and Ireland.