Teva Pharmaceutical Industries has completed its acquisition of Actavis Generics but will have to shed some existing assets to avoid breaching competition law, it has been announced.

The global acquisition will see several generic lines, cystic fibrosis medicines and over-the-counter products transitioning to Teva UK, with 33 roles joining its 1,300-strong UK workforce. Through acquiring the generics arm of Allergan plc, Teva hopes to strengthen its position as a market leader and develop its reach into the global and US markets.

In approving the acquisition, the European Commission instructed Teva to divest one of Actavis’ viable standalone business operations to protect competition in the UK and Ireland. A portfolio of generic molecules and a manufacturing plant in Barnstaple will be sold off as a result, with the remainder of Actavis’ business in the UK and Ireland set to come into the Teva fold.

Richard Daniell, UK general manager and chief integration officer at Teva, said: “We are really pleased to have reached Day One of this acquisition and are delighted to be welcoming so many talented individuals to our expanded organisation. Our job now is to embrace the new opportunities available to us and continue to work to deliver positive outcomes for both patients and the NHS.”