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.