IFLR1000

Teva Pharmaceuticals $40.5 billion acquisition of Allergan generics business

2/8/2016
Acquisition finance, Investment grade bond/note issue, Public acquisition
Select tab

$ 40.5 billion

Completed

2/8/2016

Overview:

  • Israeli pharmaceutical company Teva has completed its $40.5 billion acquisition of Dublin-based Allergan's generics business.
  • The deal was first announced on July 27 2015, and was continually delayed by antitrust challenges before becoming finalized almost exactly a year later.
  • The move was announced following Teva's decision to end its attempts at a hostile takeover of Mylan.
  • The deal was funded in part via a $6.75 billion issue of American Depository Shares (ADS) by Teva. Barclays, Citibank, Morgan Stanley and Bank of America Merrill Lynch acted as underwriters. The issue is the largest public offering of shares to date by an Israeli company.

Kurt Stumpo - Journalist

Jurisdictions:

United States
Ireland
Israel

Deal types:

Acquisition finance
Investment grade bond/note issue
Public acquisition

Practice area:

M&A

Industry sector:

Pharmaceuticals and life sciences

Firms:
Bär & Karrer

Party: Teva Pharmaceuticals (Borrower)

Cleary Gottlieb Steen & Hamilton

Party: Allergan (Borrower)

Lawyers: Jeffrey Karpf, Margaret Peponis

Debevoise & Plimpton

Party: JPMorgan Chase (Financial adviser)

Lawyer: Andrew Bab

Herzog Fox & Neeman

Party: Barclays (Underwriter)

Party: Citigroup (Underwriter)

Party: Morgan Stanley (Underwriter)

Party: Bank of America Merrill Lynch (Underwriter)

Lawyers: Nir Dash, Ory Nacht, Ron Ben-Menachem

Latham & Watkins

Party: Allergan (Seller)

Lawyers: Charles Ruck, Scott Shean, Wesley Holmes

Pestalozzi

Party: Bank of America Merrill Lynch (Lender)

Party: Barclays (Lender)

Party: BNP Paribas (Lender)

Party: Citigroup (Lender)

Party: Credit Suisse (Lender)

Party: HSBC (Lender)

Party: Mizuho Bank (Lender)

Party: Morgan Stanley (Lender)

Party: RBC Capital Markets (Lender)

Party: Sumitomo Mitsui Banking Corporation (Lender)

Lawyer: Oliver Widmer

Sullivan & Cromwell

Party: Teva Pharmaceuticals (Acquirer)

Lawyer: Joseph Frumkin

Tulchinsky Stern Marciano Cohen Levitski & Co

Party: Teva Pharmaceuticals (Acquirer)

Willkie Farr & Gallagher

Party: Teva Pharmaceuticals (Borrower)

Related deals