Teva to buy Allergan generic business for $40.5 billion, drops Mylan bid

TEL AVIV (Reuters) - Israel’s Teva Pharmaceutical Industries will pay $40.5 billion in cash and stock for Allergan’s generic drugs business, solidifying Teva's position as the world's No. 1 maker of generics while freeing Allergan to focus on branded drugs, paying down debt and potential "transformational" acquisitions.