To fulfill a condition of its $40.1 billion acquisition of Allergan‘s (NYSE: AGN) U.S. generics business, Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) agreed to sell a broad portfolio of generic products across solid oral, inhalable, injectable and topical dosage forms to Impax Laboratories Inc. (NASDAQ: IPXL).

The $586 million price includes the return to Impax of its rights to its pending Abbreviated New Drug Application (ANDA) for the generic equivalent to Concerta®. Impax is using existing cash and $400 million in new fully committed term loans, provided by RBC Capital Markets.

Upon closing, Impax expects to add a portfolio of 15 currently marketed generic products; one approved generic product and two approved strengths of a currently marketed product, which have not yet launched; one pipeline generic product and one pipeline strength of a currently marketed product, which are pending FDA approval; the full commercial rights to Impax’s pending ANDA for the generic equivalent to Concerta®, a product previously partnered with Teva and one generic product under development.

The addition of the product portfolio is expected to add approximately $50 million to Impax’ 2016 EBITDA.

Sullivan & Cromwell LLP and McDermott Will & Emery LLP served as legal advisors to Impax. Greenhill & Co. Inc. served as financial advisor and Kirkland & Ellis LLP served as legal advisor to Teva.