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Mayne entered into an agreement with Teva and Allergan to acquire 37 approved and 5 FDA-filed products.
Mayne Pharma entered into an agreement to acquire 37 approved, and five FDA-filed products from Teva Pharmaceuticals and Allergan for cash considerations of $652 million, Mayne said in a June 28, 2016 press announcement. The acquisition will play an important role in expanding Mayne Pharma’s United States generics division and will diversify the company’s earnings across therapeutic areas, dosage forms, and complex technologies.
The products Mayne will acquire from Teva and Allergan include modified-release tablets and capsules, soft-gel capsules, and transdermal patches. The divestiture by Teva was mandated by the Federal Trade Commission (FTC) in connection with Teva’s proposed acquisition of Allergan’s generic drug business, Mayne noted. The completion of Mayne’s acquisition is expected to be concurrent with the closing of Teva’s acquisition and is subject to FTC approval.
The European Commission (EC) conditionally approved Teva’s acquisition of Allergan Generics in early March 2016. The EC approved the acquisition under the condition that company divested some of its assets. Both Teva and Allergan agreed to the divestiture, which includes selling each of the marketed molecules in the development pipeline, Teva’s portfolio of marketed molecules, molecules in development in Iceland, the majority of Allergan Generics marketed generics activities, and generics in development in Ireland and the United Kingdom. The companies are still waiting on FDA approval of the deal, and it is unclear if the US regulator will require more divestitures.
Mayne Pharma’s acquired portfolio is expected to add more than $237 million to the company’s FY17 net sales. According to Mayne Pharma, the company has been working closely with Teva and the FTC since December 2015 and has established supply agreements with Teva for the manufacture of certain products not currently outsourced to CMOs for up to five years.
Source: Mayne Pharma