Israel's Teva Pharmaceutical to buy Allergan's generic pharmaceuticals business for $40.5B

Israel's Teva Pharmaceutical Industries Ltd. says it is purchasing Dublin-based Allergan PLC's generic pharmaceuticals business for $40.5 billion.

The Israeli pharmaceutical giant is the world's largest generic drugmaker. It said in a statement that the acquisition would provide patients with more access to affordable medicines.

Statements from both companies say the deal will see Allergan receive $33.75 billion in cash and shares of Teva valued Monday at $6.75 billion.

Teva is Israel's largest drug company and has long been a source of pride for Israelis. The company dates back to 1901, when its founders launched a small importer of medications. According to the company's website, it began producing drugs in the 1930s.