Actavis PLC is selling its generic drug business in Australia to privately-held Amneal Pharmaceuticals for an undisclosed amount.
Ireland-based Actavis said it will continue to supply the Australian market with generic medicines and fulfill supply commitments for all hospital tenders until the deal is complete.
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Amneal has its international headquarters in Zug, Switzerland.
Earlier this month, Actavis completed its buyout of Botox-maker Allergan Inc. for $66 billion. The company plans to adopt the Allergan corporate name after securing Actavis shareholders' approval for the switch at its annual meeting later this year.
Shares of Actavis closed at $304.76 in trading on Monday. Its shares are up 48 percent over the past year.