July 27, 2015
Ireland-based Allergan plc has announced that it has entered into a definitive agreement under which Israel-based Teva Pharmaceutical Industries Ltd. will acquire Allergan’s global generic pharmaceuticals business for $40.5 billion. As detailed in the company press release below, Allergan will receive $33.75 billion in cash and $6.75 billion in Teva stock. In addition, Allergan retains 50 percent of Teva’s future economics from generic lenalidomide (Revlimid®). The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close in the first half of 2016, subject to customary closing conditions.
Latham & Watkins LLP represents Allergan in the transaction with a corporate/M&A team led by New York/Orange County partner Charles Ruck, Orange County partner Scott Shean, London associate Robbie McLaren and Orange County associate Daniel Rees, with associates Scott Becker, Barbara Swensied, Michael Daniels, Michael Young and Alex Coffin in Orange County, Andrew Clark in London and Jocelin Chang in Chicago. Advice has also been provided on finance matters by partner Wesley Holmes and associate Andrew Westgate in New York; on tax matters by partner Laurence Stein in Los Angeles, Nicholas DeNovio in Washington, D.C. and Sean Finn in London, with associate Sean Fitzgerald in Washington, D.C.; on benefits and compensation matters by partners Jim Barrall in Los Angeles, John Shyer in New York and Catherine Drinnan in London, with counsel Holly Bauer in San Diego and associates Michelle Carpenter in Los Angeles and Shaun Thompson in London; on intellectual property matters by partner Kenneth Schuler and associate Marc Zubick in Chicago; on regulatory matters by partners Stuart Kurlander and Carolyne Hathaway in Washington, D.C., with associates Adam Susser and Eric Greig; and on environmental matters by partner Christopher Norton in Orange County.