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Teva to Sell $6.75 Billion in Stock to Buy Allergan Unit, Rimsa

Teva CEO Erez Vigodman


Teva Pharmaceutical Industries Ltd has announced today two offerings totaling approximately $6.75 billion of ordinary and preferred shares to fund its takeover of Allergan Plc’s generic-drug business as well as other acquisition-related expenses.

The sale consists of approximately $3.38 billion of its American depositary shares, each representing one Teva ordinary share, and the same amount of mandatory convertible preferred shares,  the Israeli drugmaker said in a statement on Monday.

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Teva says that it intends to use the net proceeds from these offerings towards the cash portion of the purchase price for its previously announced acquisition of Allergan plc’s worldwide generic pharmaceuticals business (Actavis Generics), and to pay related fees and expenses for the pending acquisition of Rimsa “or otherwise for general corporate purposes.”

Teva is working to complete July acquisition of Allergan’s generics unit Actavis Generics for $40.5 billion in cash and shares. Last month, Teva also agreed to buy Mexico’s Rimsa for $2.3 billion. The two share sales will help fund those takeovers but will take place even if the acquisitions fall through, Teva said.

 “If for any reason the acquisitions do not close, Teva expects to use the net proceeds from these offerings for general corporate purposes, ” the company said.

Barclays Plc,  Bank of America Merrill Lynch, Citigroup Inc., Morgan Stanley, BNP Paribas SA, Credit Suisse Group AG, HSBC Holdings Plc, Mizuho Securities Co. Ltd., RBC Capital Markets LLC and SMBC Nikko Securities Inc. are acting as the joint book-running managers for the offerings.










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