Teva sells its US store-brand portfolio to PL Developments

By PharmaCompass

2019-07-11

Impressions: 905 Article

Israeli generic drug giant Teva Pharmaceutical Industries undertook a restructuring plan in December 2017 in order to overcome the huge debt burden it had undertaken to acquire Allergan’s generic drug business in 2015. Over the last 18 months, Teva has been aggressively selling off manufacturing facilities to reduce its debt burden. Teva has targeted about 40 facilities and 14,000 jobs as part of a US$ 3 billion cost-cutting endeavor.

It’s latest divestment is the sale of its US store-brand portfolio. PL Developments (PLD) has acquired Teva’s US store-brand portfolio, including a new nicotine gum portfolio, more than 40 approved and pending ANDA (Abbreviated New Drug Application) offerings and a range of new OTC drug products.

Besides smoking cessation products, president of PLD Evan Singer said the Teva deal features analgesics, cough and cold remedies, first aid ointments and the first store-brand alternative for Abreva, the cold sore cream. In total, PLD purchased 41 products, including 14 awaiting FDA approval, including a nicotine patch.

“The acquisition significantly reinforces PLD position as the second largest packager and distributor of US store-brand drugs,” the company said in a statement.

With this acquisition, PLD — a generic drugs manufacturer in Westbury — also takes control of Teva’s Suffolk County factory. Singer said the 93,000-square-foot plant in Copiague is home to one of only three nicotine-gum manufacturing lines in the world to be certified by the US Food and Drug Administration. More than 80 people work at the factory, which PLD will keep open.

The two companies have not disclosed the purchase price.

The PharmaCompass Newsletter – Sign Up, Stay Ahead

Feedback, help us to improve. Click here

Image Credit : #Phisper Infographic by SCORR MARKETING & PharmaCompass is licensed under CC BY 2.0

“ The article is based on the information available in public and which the author believes to be true. The author is not disseminating any information, which the author believes or knows, is confidential or in conflict with the privacy of any person. The views expressed or information supplied through this article is mere opinion and observation of the author. The author does not intend to defame, insult or, cause loss or damage to anyone, in any manner, through this article.”

NEWS

DRUGS & DEVELOPMENTS

MARKET INTEL by PharmaCompass