Teva To Buy Allergan's Anda Inc. Distribution Business For $500 Mln

Teva Pharmaceutical Industries Ltd. plans to buy Allergan PlC's Anda Inc. distribution business for $500 million, Allergan said Wednesday morning. Anda Inc. distributes a variety of pharmaceutical products but particularly generic pharmaceuticals, and is the fourth largest distributor of in the U.S., according to Allergan. The purchase marks a continuing trend towards consolidation in the generics and pharmaceutical distribution space. Allergan said the Anda business will be reported as discontinued operations starting in the second quarter, with the business expected to generate $375 in net sales and about 5 cents per share in the second quarter, amounting to about $1.5 billion in net sales for 2016 and about 15 cents per share in 2016. Teva's shares dropped 20.9% in the year to date, compared to a 5.5% rise in the S&P 500 in the same period.