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Teva to sell Allergan's generics business in UK, Ireland for $769 million

Reuters
Pharmaceutical tablets and capsules are arranged on a table in a photo illustration shot September 18, 2013. REUTERS/Srdjan Zivulovic/Illustration/File Photo

(Reuters) - Teva Pharmaceutical Industries Ltd (TEVA.TA) said on Wednesday it would sell Allergan Plc's (AGN.N) generics business in the UK and Ireland to India's Intas Pharmaceuticals Ltd (INTA.NS) for 603 million pounds ($769.37 million).

The sale was part of Teva's deal with the European Commission to get approval for the acquisition of Allergan's generics business, called Actavis Generics.

The company said it expected the sale to close in the next three months.

Teva (TEVA.N) completed the $40.5-billion acquisition of Allergan's generics business in August.

Actavis, which closed its $70.5 billion acquisition of Allergan in May 2015, had retained the Allergan name.

Greenhill & Co is Teva's financial adviser, while Rothschild & Co is advising Intas.

(Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Sriraj Kalluvila)