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Pinsents and Linklaters act on latest big pharma deal as Teva sells Allergan generics business for £600m

Pinsent Masons and Linklaters are advising on Teva Pharmaceutical Industries’ sale of UK and Ireland business Activas Generics for £603m as the Israeli firm seeks to divest assets following last year’s takeover of Allergan.

Israeli pharma firm Teva is selling the business to Accord Healthcare, part of Indian company Intas Pharmaceuticals, subject to final approval from the European Commission. The deal is expected to close by the end of this year.

Pinsents is advising Teva on the divestment, winning the mandate following the pharma company’s $40bn megadeal for Allergan’s generics business Activas in 2015. Life sciences specialist Allistair Booth and corporate partner Andrew Hornigold led on the deal.

Accord Healthcare is being advised by Linklaters corporate partner James Inglis and head of India Narayan Iyer. The deal sees Indian firm Intas pick up the generics business, doubling its European revenues to around $500m.

The deal comes as part of a sell off of assets required by anti-trust authorities following Teva’s $40bn acquisition which was completed in August this year. Further deals have already been agreed in Australia and Teva is expected to sell some US assets to gain regulatory approval.

Last year, Sullivan & Cromwell and Latham & Watkins both won key roles on Teva’s takeover of Dublin-headquartered Allergan’s generics business. Latham corporate partners Charles Ruck and Scott Shean advised Allergan in the US. S&C corporate partners Joseph Frumkin and Krishna Veeraraghavan advised Teva from New York.

The deal went through following Teva’s bid for rival Mylan, with S&C winning the mandate from Kirkland & Ellis in June 2015 due to conflict.