Actavis to sell generic drug units for €30m
IRISH-headquartered global drugs group Actavis has agreed a deal worth €30m to sell generic drug operations that it owns in seven western European countries to India's Aurobindo Pharma.
Formerly based in New Jersey in the US, Actavis became an Irish company after it bought Dublin-headquartered Warner Chilcott last year in an $8.5bn (€6.2bn) deal.
The takeover allowed the US parent to reverse itself into its Irish acquisition, and thus benefit from the Irish corporate tax regime.
India's Aurobindo has agreed a deal to buy Actavis's generic products, marketing authorisations and dossier licence rights in France, Italy, Spain, Portugal, Belgium, Germany and the Netherlands, the Dublin-based drug maker said in a statement.
"This transaction will permit Actavis to focus management time and resources to support accelerated investment in driving faster growth of other markets, including Central and Eastern Europe and Southeast Asia," Sigurdur Oli Olafsson, president of Actavis Pharma, said in the statement.
The two international drug makers will also enter into a long-term supply arrangement, Actavis said.
Last week, Actavis announced it was pulling out of China, citing a difficult business climate and saying it intended to focus on other regions.