Deals
Impax to Buy Allergan, Teva Drug Portfolio for $586 Million
- California company will add 15 generic drugs with deal
- Shares fall 12 percent in trading, most since February
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Impax Laboratories Inc. will buy a portfolio of drugs from Teva Pharmaceutical Industries Ltd. and Allergan Plc for $586 million as the two larger pharmaceutical companies divest products to gain antitrust approval for their own deal.
The Hayward, California-based company will add 15 generic drugs that are already for sale and others that are in development. The drugs generated $150 million in net revenue and about $100 million in gross profit last year, Impax said in a statement announcing the deal.