Teva agrees to buy Allergan unit for $40.5 billion, creating generics giant
![Teva agrees to buy Allergen Generics for $40.5 billion](https://cdn.mos.cms.futurecdn.net/BRxtb44VgoV72tkEVtnNnT-415-80.jpg)
On Monday, Teva, the world's top generic drug company, agreed to buy its No. 3 rival, Allergan Generics, for $40.5 billion in cash and stock. Teva, based in Israel, said both companies' boards have unanimously approved the deal for U.S.-based Allergan's generic drug unit. The merger is expected to close in the first quarter of 2016. In announcing the Allergan deal, Teva said that it has dropped its $40 billion bid for Mylan, its No. 4 global competitor.
If completed, the acquisition will not just increase Teva's share of the generics market — already 12 percent, according to The Wall Street Journal; it will also give the Israeli drugmaker greater annual revenue than many better-known name-brand pharmaceutical companies.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
![https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516-320-80.jpg)
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
Death of England: Closing Time review – 'bold, brash reflection on racism'
The Week Recommends The final part of this trilogy deftly explores rising political tensions across the country
By The Week UK Published
-
The Marriage of Figaro: 'lively' revival of Mozart's comedy 'zings along'
The Week Recommends David McVicar's 'ever-fresh' production is back at the Royal Opera House
By Irenie Forshaw, The Week UK Published
-
Last hurrah: have standing ovations gone too far?
Talking Point The media loves measuring audience applause but default 'clapathons' are 'running riot through our theatres'
By Chas Newkey-Burden, The Week UK Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published