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Teva looking at up to $25 billion in bond sale to fund Allergan’s generic-unit buy – reports

pharmafile | July 15, 2016 | News story | Medical Communications, Sales and Marketing Allergan, Financial, Teva, US regulators, bond sale, deal 

Israeli drug firm Teva (NYSE: TEVA) is looking at a $20 billion to $25 billion bond sale in the US and Europe to support its $40.5 billion takeover of Botox maker Allergan’s (NYSE: AGN) generics business, according to reports.

In a filing with the US Securities and Exchange Commission the company said it will hold a series of fixed-income investor calls in the US this week and in-person meetings in Europe next week, with offerings of US dollars, euros and/or Swiss-franc-denominated multi-tranche debt securities expected to follow.

Teva indicated plans to sell up to $22 billion in bonds last year to help finance the transaction, adding it could sell as much as $7 billion in stock.

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The company has been looking at equity and debt markets to help fund the takeover. In December, the company sold $6.75 billion shares to fund the deal.

Last year, Teva agreed to buy Allergan’s generics business for $33.75 billion in cash and $6.75 billion in stock. It’s been selling assets in a bid to gain antitrust approval.

Anjali Shukla

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