December 08, 2015
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Teva closes $6.75 billion of public offerings in connection with Actavis Generics acquisition

Teva Pharmaceutical Industries announced in a press release that it has closed its previously announced offerings totaling $6.75 billion.

The offerings included 54 million American Depositary Shares (ADS), each representing one Teva ordinary share at $62.50 per ADS, and 3,375,000 of its 7.00% Mandatory Convertible Preferred Shares at $1,000.00 per share, according to the release. The net proceeds the offerings were approximately $3.29 billion each, after adjustments.

The net proceeds from the offerings will be used towards the purchase price for Teva’s previously announced acquisition of Actavis Generics, Allergan’s worldwide generic pharmaceuticals business, and for related fees and expenses in the pending acquisition of Rimsa or otherwise for general corporate purposes, according to the release. Market conditions and other conditions will determine the final amounts of the security, Teva reported.

Teva reported that if the acquisitions do not close, it will use the net proceeds for general corporate purposes, according to the release.

Underwriters in each offering were offered the option to purchase up to an additional 10% of the American Depository Shares and the Mandatory Convertible Preferred Shares, in each case, to cover overallotments, if any. Acting as joint book-running managers for the offerings are Barclays, BofA Merrill Lynch, Citigroup, Morgan Stanley, BNP Paribas, Credit Suisse, HSBC, Mizuho Securities, RBC Capital Markets and SMBC Nikko, the release reported. Rothschild served as financial advisor to Teva in the offerings.

The offerings for sale are pursuant to a prospectus and related prospectus supplements that constitute a part of Teva’s shelf registration statement filed with the Securities and Exchange Commission on Nov. 30, according to the release.

Reference: www.tevapharm.com