Actavis moves quickly to sell Australia generics business to Amneal

Actavis Australia has agreed to sell its generic pharmaceuticals business to Swiss-based Amneal Pharmaceuticals for an undisclosed amount, moving quickly to shed a unit that is not seen as core to the branded drug business after the merger with Allergan.

Under the arrangement, the Actavis ($ACT) unit would continue to supply its drugs to Australia's Pharmaceutical Benefits Scheme as well as the Australian market until the two parties have completed the sale.

Apart from selling "substantially all" of its Australia generics business, Actavis said there would be no change in its branded drugs business in the country.

- here's the Amneal release