Report: Teva Looking To Win Early EU Approval For Its Acquisition Of Allergan's Generics Unit

According to a report from Bloomberg, Teva Pharmaceutical Industries Ltd (ADR) (NYSE: TEVA) is looking to win an early European Union approval for its $40.5 billion takeover of Allergan plc Ordinary Shares (NYSE: AGN)'s generics business.

Reuters, citing "a person familiar with the matter," noted that Teva and Allergan face a deadline on Thursday to propose "remedies aimed at allaying" any EU antitrust concern. If the EU regulators are content with the proposals, the transaction could be approved without an extended probe that could last up to 90 working days.

Related Link: Teva Buys Allergan Unit: How Mylan, Other Biotech Stocks Are Reacting

Meanwhile, the U.S. Federal Trade Commission is still in the middle of examining the transaction but has already been approved in Brazil.

Shares of Teva were trading higher by 2 percent at $57.25 Wednesday afternoon, while shares of Allergan were higher by 0.50 percent at $285.87.