Actavis Bought By Foreign Pharmaceutical Company

Teva Pharmaceuticals Industries Ltd. has agreed to buy Allergan Plc, the parent company of Actavis, for $40.5 billion USD.

In a statement posted on Bloomberg, Teva will pay $33.75 billion in cash and offer $6.75 billion of its stock for Allergan.

Kjarninn reports that last June, Activis announced it would be moving its production facilities out of Iceland for economic reasons. 300 Icelanders currently work in pharmaceutical production for the company in Iceland, but their jobs will gradually move overseas until 2017.

Sigurður Óli Ólafsson, the former director of Activis, is now director of the generic pharmaceuticals department for Teva. Teva is the largest generic pharmaceuticals producer in the world, with an estimated worth of $60 billion USD.