Teva Pharmaceutical Industries Ltd. (TEVA) announced on Monday that it would acquire the generics business of Allergan plc (AGN) for $40.5 billion, abandoning its $40 billion hostile bid for its peer Mylan NV. The deal will give botox maker Allergan $33.75 billion in cash and a 10% stake in Jerusalem-based Teva, valued at $6.75 billion. The news sent Teva’s and Allergan’s shares higher, but Mylan’s stock fell about 13% on the news that Teva has found a new takeover target. Mylan said it will continue its efforts to acquire Irish pharmaceutical producer Perrigo Co. plc. The Deal’s Senior Reporter Lisa Allen has the details from New York.
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