Actavis plc has reached a definitive agreement to acquire Auden Mckenzie for approximately £306 million in cash, plus a two-year royalty on one of Auden Mckenzie’s products. The acquisition will make Actavis the largest supplier of generics in the UK, and following the close of the acquisition of Allergan, expected later this year, Actavis will be among the largest suppliers of pharmaceuticals in the UK.

Actavis currently markets more than 650 generic products in the UK, and has approximately 85 additional products under registration and development. Auden Mckenzie will add approximately 175 new generic and branded products, as well as a pipeline of approximately 40 additional products to treat a broad range of therapeutic areas. The acquisition, subject to certain conditions, is expected to close in 1Q15.

“Auden Mckenzie is one of the leading pharmaceutical companies in the UK, and the opportunity to combine this profitable and growing company into the Actavis UK business demonstrates our commitment to invest in and expand strategically in our global generics business,” said Brent Saunders, chief executive officer and president of Actavis.