Actavis selling Australian generic drug unit to Amneal Pharmaceuticals for undisclosed amount

Actavis PLC is selling its generic drug business in Australia to privately-held Amneal Pharmaceuticals for an undisclosed amount.

Ireland-based Actavis said it will continue to supply the Australian market with generic medicines and fulfill supply commitments for all hospital tenders until the deal is complete.

Amneal has its international headquarters in Zug, Switzerland.

Earlier this month, Actavis completed its buyout of Botox-maker Allergan Inc. for $66 billion. The company plans to adopt the Allergan corporate name after securing Actavis shareholders' approval for the switch at its annual meeting later this year.

Shares of Actavis closed at $304.76 in trading on Monday. Its shares are up 48 percent over the past year.