Allergan Sells Generics Business to Teva Pharmaceutical Industries

Cleary Gottlieb represented Allergan in the transformative sale of its generics business to Teva Pharmaceuticals Industries Ltd.

Cleary represented Allergan on all international antitrust matters (ex-Canada) related to the transaction, including on securing Phase 1 merger control clearance from the European Commission, subject to the divestiture of certain assets, on finance and capital markets matters and on a company-wide internal reorganization in support of the transaction.

The transaction was first announced on July 26, 2015, and closed on August 2, 2016.

Allergan is a pharmaceutical company focused on developing, manufacturing and commercializing innovative branded pharmaceuticals. Allergan received $33.4 billion in cash and 100.3 million shares of Teva stock valued at $5.4 billion in the closing. The sale of the generics business is part of Allergan’s strategic evolution into a focused branded growth pharma leader.

Cleary has represented Allergan on a number of transformative matters in the past two years, including its ultimately abandoned merger with Pfizer Inc. and the $70.5 billion acquisition of Allergan by Actavis to create Allergan plc, along with the related equity and debt financings.