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Salix Pharmaceuticals Inc. and its parent Valeant Pharmaceuticals International Inc. and Actavis Laboratories Inc., at Actavis' request, have agreed to stay outstanding litigation regarding Actavis' application ...
Israel-based Teva Pharmaceutical Industries reported a smaller-than-expected fall in first-quarter profit on Thursday, with sales boosted by its $40.5 billion acquisition last year of generics drug business Actavis. Teva was left without a permanent chief executive in February after Erez Vigodman stepped down, leaving new management to try to restore confidence in the world's biggest generic drugmaker after a series of missteps. Teva on Thursday named Michael McClellan as interim CFO, effective July 1.
Allergan sold its generics business Actavis to Teva in August 2016 for $33 billion in cash and 100 million shares of the Israeli generic drugmaker, worth around $5.3 billion at the time. Under the terms of the deal, Allergan agreed to hold on to the shares for at least one year. Teva has struggled since then, and the company's chief executive stepped down in February after sharp criticism for a string of costly acquisitions and delayed drug launches.