Accord will benefit from increased access to UK and Irish retail and hospital markets, and the company will become leading generics player in the UK market, said Mr Binish Chudgar, vice chairman and managing director of Intas.
"This transaction represents a unique opportunity for Intas to build scale in UK and Ireland – adding to our market leading hospital franchise – and creates a strong platform for further European expansion.”
The agreement, which Intas says will move it to a top 20 generics player globally, was described as a part of the European Commission’s anti-trust divestiture requirements arising from Teva’s acquisition of Allergan’s generics business. Intas is among the top-10 Indian pharmaceutical companies and is the largest privately held pharmaceutical company in India.
“We have a clear plan for the continuation and development of the Barnstaple site and the Actavis team and we look forward to welcoming them to the Intas Group. We are confident that the cultural alignment between Accord and Actavis UK & Ireland will ensure a smooth integration,” said Mr Chudgar.
The transaction is due to complete later this year, subject to regulatory approvals.
Actavis UK & Ireland generated over £250 million of sales in 2015. Accord operates in more than 30 European markets and has its headquarters in London.