December 3, 2015

Proceeds from Teva’s offerings of ADSs and preferred shares will finance its pending acquisition of Actavis Generics.

On December 2, Willkie client Teva Pharmaceutical Industries announced that it has priced concurrent stock offerings totaling $6.75 billion, consisting of 54 million American Depositary Shares (ADSs), each representing one Teva ordinary share, and 3.375 million of its 7.00% Mandatory Convertible Preferred Shares. The net proceeds from each offering will be approximately $3.29 billion. Teva intends to use the net proceeds toward the cash portion of the purchase price for its pending acquisition of Allergan’s worldwide generic pharmaceuticals business, Actavis Generics, among other purposes.

Willkie has advised Teva in a number of financing arrangements related to its pending $40.5 billion acquisition of Actavis Generics.

Teva Pharmaceutical Industries (NYSE and TASE: 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.

The Willkie deal team advising on the current transaction is led by partners Jeffrey Hochman and Sean Ewen and includes associates Julian Golay, Alexis Anzelone, Frances Dales and Timothy Porter, with tax advice from partners Hillel Jacobson and Christopher Peters and associate Christopher Chang.