Teva Pharmaceutical said it has completed the acquisition of Allergan's generics business, Actavis Generics.

The deal was announced in July last year, and came with a price tag of $40.5 billion - $33 billion of that in cash.

Teva said it expected to integrate the Actavis business quickly, and is planning to launch 1,500 generics globally next year.

"The acquisition of Actavis Generics comes at a time when Teva is stronger than ever-in both our generics and specialty businesses," said Teva chief executive Erez Vigodman. "Through our acquisition of Actavis Generics, we are creating a new Teva with a strong foundation, significantly enhanced financial profile and more diversified revenue sources and profit streams backed by strong product development engines in both generics and specialty. This is a platform that is expected to generate multi-year top-line and bottom-line growth as well as significant cash flow."

Eliminating inefficiencies

The company said it expects to save about $1.4 billion a year by the end of 2019, through a combination of eliminating duplication and inefficiencies, and taking advantage of economies of scale.

"This is an exciting time for our company and underlines our position as a leading supplier of high-quality healthcare solutions in Ireland and internationally. Today's acquisition positions Teva for future growth both behind the pharmacy counter and on the shop floor," said Sandra Gannon, general manager of Teva Pharmaceutical Ireland.

“Patient care is at the heart of what we do and, while we look forward to the next phase in our company’s development, we remain committed to working closely with our industry partners, pharmacists, clinicians and those in healthcare retail, to ensure that Irish patients continue to have access to excellent healthcare products - our expanded portfolio supports this ambition.”