Teva Secures $33.75 Billion Acquisition Financing Commitment

August 3, 2015

Willkie advises longtime client Teva Pharmaceutical Industries in connection with its financing commitment in support of its acquisition of Allergan’s Generic Pharmaceuticals business.

On July 31, Willkie client Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) entered into commitment letters relating to its pending acquisition of Allergan’s generic pharmaceuticals business with Bank of America Merrill Lynch, Barclays Bank PLC, BNP Paribas, Citi, Credit Suisse, HSBC, Mizuho Bank, Morgan Stanley Senior Funding, Inc., RBC Capital Markets and Sumitomo Mitsui Banking Corporation.

Pursuant to the commitment letters, the lenders have committed to provide Teva (i) up to $27,000,000,000 in loans under a senior unsecured Bridge Loan Credit Facility and (ii) up to $6,750,000,000 in loans under an Equity Bridge Loan Credit Facility. The commitments of the lenders are subject to customary conditions, including the negotiation of definitive financing agreements and other conditions as set forth in the commitment letters.

Teva is a leading global pharmaceutical company that delivers high-quality, patient-centric healthcare solutions to millions of patients every day. Headquartered in Israel, Teva is the world’s largest generic medicines producer, leveraging its portfolio of more than 1,000 molecules to produce a wide range of generic products in nearly every therapeutic area. In specialty medicines, Teva has a world-leading position in innovative treatments for disorders of the central nervous system, including pain, as well as a strong portfolio of respiratory products. Teva integrates its generics and specialty capabilities in its global research and development division to create new ways of addressing unmet patient needs by combining drug development capabilities with devices, services and technologies. Teva’s net revenues in 2014 amounted to $20.3 billion.

The transaction was handled by New York-based partners Bill Hiller and Jeffrey Goldfarb, with assistance from New York-based associates Christopher Giorgione, Phillip Lee and Claire Soloski and further assistance from London-based U.K. partner James Crooks and associate Martin Michalski.