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

By Tova Cohen and Steven Scheer TEL AVIV (Reuters) – Teva Pharmaceutical Industries has agreed to buy Allergan Plc’s generic drugs business for $40.5 billion in a cash and stock deal that will turn the Israeli company into one of the world’s largest pharmaceutical firms. The deal, the largest in Israel’s corporate history, prompted Teva to drop its $40 billion hostile bid for Mylan, which used a poison pill-style defense