
Teva sells $15 billion in bonds to fund Allergan generics deal
pharmafile | July 19, 2016 | News story | Manufacturing and Production, Sales and Marketing | Allergan, Teva, bonds, generics
Teva Pharmaceuticals has announced that it has successfully finalised a bond sale totalling $15 billion that will help to fund its acquisition of Allergan’s generics business.
The Israeli company is the world’s largest generic drugmaker and their proposed $40.5 billion acquisition of Allergan’s generic business has, despite being announced in July 2015, has so far failed to go through.
Now in the latter stages of finalising the details of the deal, it is expected that this capital raised will help to push through the deal. They say in a statement: “Teva intends to use the net proceeds from this offering towards the cash portion of the purchase price for its previously announced acquisition of Allergan plc’s worldwide generic pharmaceuticals business.”
In other Teva news, the company has been welcomed to join the ranks of the Pharmaceutical Research and Manufacturers of America. Despite their wealth of generics, the company also has several branded drugs, including multiple sclerosis blockbuster Copaxone.
With the issue of pricing such a large issue in the US, a cheap generic drugmaker joining the ranks of the industry body may just be an astute move.
Sean Murray
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