February 1, 2018 / 1:44 PM / 4 months ago

Allergan to pay Israel's Teva Pharm $700 mln to settle dispute

TEL AVIV, Feb 1 (Reuters) - Allergan will make a one-time payment of $700 million to Teva Pharmaceutical Industries to settle a dispute over working capital, Israel-based Teva said on Thursday.

Teva will use the payment, which is expected during the first quarter of 2018, to repay part of its debt.

Teva and Allergan agreed to jointly dismiss the working capital dispute arbitration.

As of Jan. 12, 2018, Allergan owned 68.7 million shares in Teva, which it received as partial payment for Teva’s $40.5 billion acquisition of Actavis Generics from Allergan in 2016. (Reporting by Tova Cohen)

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