Teva offers EU concessions over Allergan generics deal - EU

[February 19, 2016]  By Foo Yun Chee

BRUSSELS (Reuters) - Teva Pharmaceutical Industries Ltd has offered concessions to allay antitrust concerns over its $40.5 billion bid for Allergan's generics unit, European Union regulators said on Friday.

"Commitments have been submitted and the new legal deadline is set on 10 March," European Commission spokesman Ricardo Cardoso said in an email, without providing details.

Acquiring the Actavis generic business would strengthen Teva's position as the world's largest generics drugmaker. The company was not immediately available for comment.

Teva plans to sell about $1 billion worth of assets in the United States, Europe and the Middle East to resolve antitrust concerns, people familiar with the matter have told Reuters. The deal also needs U.S. regulatory approval.

Earlier this month, the American Antitrust Institute flagged competitive concerns about the deal to the U.S. Federal Trade Commission.

Dublin-based Botox-maker Allergan in turn is to be acquired by Pfizer Inc which would slash the latter's tax rate once it moves its headquarters to Dublin.

(Reporting by Foo Yun Chee, additional reporting by Tova Cohen in Jerusalem; editing by Julia Fioretti and Adrian Croft)

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