Mayne Pharma will acquire a portfolio of U.S. generic products from Teva and Allergan for $652 million in cash. The Portfolio consists of 37 approved products and 5 FDA-filed products in markets with limited competition, across a range of therapeutic areas.
The Portfolio aligns with Mayne Pharma’s core competency in complex pharmaceutical formulations and includes difficult-to-manufacture, modified-release tablets and capsules, soft-gel capsules and transdermal patches. The divestiture by Teva was mandated by the Federal Trade Commission in connection with Teva’s proposed acquisition of Allergan’s generic drug business. Completion of Mayne Pharma’s acquisition is expected to be concurrent with the closing of Teva’s acquisition.
Mayne Pharma’s CEO, Scott Richards, said: “The acquisition transforms Mayne Pharma’s Generic Products Division into a top 25 player in the U.S. retail generics market, diversifying Mayne Pharma’s earnings across a broad range of products, therapeutic areas and technologies. This attractive Portfolio spans multiple dosage forms and complements our expertise in higher-value niche, differentiated products. The on-market products have strong shares in stable, mature markets, while the pipeline products are expected to deliver additional growth in attractive markets as they are launched over the next couple of years.”