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Teva Pharmaceutical Industries has abandoned its hostile takeover of Mylan and instead struck a friendly deal to acquire Allergan’s generic drugs business for $40.5 billion. The business had $6.7 billion in sales last year. Teva says the purchase will bring its sales to $26 billion, making it the world’s ninth-largest drug company and the only firm in the top 10 to focus on off-patent drugs. For its part, Allergan says selling the business will sharpen its focus on more innovative drugs. Just one day before agreeing to the sale, Allergan announced the $560 million acquisition of Naurex, an Illinois-based firm developing drugs for depression.
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