Teva buys unit from Botox maker Allergan

Israeli drugmaker Teva Pharmaceuticals has agreed to buy the generic-drug business of Allergan for about $40.5bn (€36.8bn) in cash and stock, ending its hostile bid for rival Mylan.

The deal does not include Allergan’s anti-wrinkle treatment Botox plant in Westport, Co Mayo, or another manufacturing plant and a European shared-services centre in Dublin.

Allergan employs about 1,000 people across those three operations.