Israel’s Teva Pharmaceutical Industries this week gave up its hostile takeover bid of rival Mylan, according to reports. Instead, Teva will purchase Allergan’s generic drugs business for $40.5 billion in cash and stock.
The deal is the biggest in Israel’s corporate history and makes Teva the world’s largest manufacturer of generic drugs. Allergan, the third-largest generic drug company in the United States, manufactures Botox, the anti-wrinkle treatment.
Pittsburgh-based Mylan had been resisting Teva’s bids since April, citing cultural differences between the two corporations. Milan has been trying to buy Dublin-based Perrigo.