Actavis, the Ireland-based pharmaceutical company with a U.S. base in Parsippany, announced on Friday it intends to sell its generics commercial operations in seven western European markets to Indian company Aurobindo Pharma Limited.
the deal is worth $41 million to Actavis.
According to the announcement, the transaction is conditional on certain antitrust approvals and completion of employee consultation processes. Aurobindo will acquire Actavis' pharmaceutical commercial infrastructure, products, marketing authorizations and dossier license rights in France, Italy, Spain, Portugal, Belgium, Germany and the Netherlands. The two companies will also enter into a long-term strategic supply arrangement.
Until the transaction is complete, Actavis will continue to operate the commercial businesses. Rothschild and Latham & Watkins acted as financial adviser and legal counsel to Actavis, respectively. Jefferies International Limited acted as financial advisor and Herbert Smith Freehills LLP acted as legal counsel to Aurobindo, Actavis said in a statement.
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