billion-it-nets

Allergan CEO Brent Saunders said on Monday the company will use the $36 billion it nets from the sale of its generics business to Teva for more deals, including large, “transformational” merger opportunities. Saunders, who led the $66 billion combination of Actavis and Allergan that closed only a few months ago, told investors that it would use the proceeds from its $40.5 billion sale to Teva to increase the size of existing drug businesses, expand into new therapy areas, and pursue larger deals. “We can accelerate our timing on transformational M&A,” Saunders said during the conference call, describing the sale to Teva as “reloading” its balance sheet.