Teva Pharmaceutical Industries has agreed to sell assets and operations of Actavis Generics in the U.K. and Ireland to Accord Healthcare Limited (a subsidiary of Intas Pharmaceuticals) for an agreed value of GBP 603 million, subject to final approval from the European Commission.

The divestment of certain specified Actavis Generics assets and operations in the UK and Ireland was part of an undertaking that Teva made to the European Commission in the context of the review of the acquisition of Actavis Generics by Teva earlier this year. The sale will include a portfolio of generic medicines plus a manufacturing plant in Barnstaple, England. Teva retains a number of Actavis non-overlapping generic products plus certain specialty medicines and OTC (over-the-counter) products, which have been added to Teva’s existing operations.

“The sale has been a success for Teva in that we have satisfied the EU Commission’s sale requirements for these businesses, subject to their final approval, and agreed on a good price for the assets. With the assets that it will retain, Teva will create an even stronger operation in the U.K. and Ireland,” said Siggi Olafsson, president and CEO Global Generic Medicines Teva. “Teva is the leading provider of medicines to the U.K. National Health Service, and the addition of the retained Actavis assets strengthens our ability to be the partner of choice in these countries while preserving strong and healthy competition in a competitive marketplace.”

The transaction is expected to close in the next three months.