Allergan takeover is confirmed

ISRAELI pharmaceutical giant Teva has confirmed it is buying the generic drug business of Allergan for $40.5 billion, consolidating its position as a world leader in generics.

The Allergan transaction was unanimously approved by the boards of directors of both firms, Teva said, and is expected to be finalised in the first quarter of 2016.

Allergan, a US company headquartered in Westport, is famed for its anti-aging Botox treatment.