By Austen Hufford

Impax Laboratories Inc. said Tuesday that it would buy a portfolio of generic drugs from Israel's Teva Pharmaceutical Industries Ltd. and Allergan PLC for $586 million as Teva works to complete its planned purchase of Allergan's generics unit.

The deal includes 15 currently sold generics, several drugs in the pipeline and the rights to generic Concerta, which treats attention-deficit hyperactivity disorder and was part of a partnership between Impax and Teva.

For almost a year, Teva has been working to close its $40.5 billion purchase of Allergan's generics unit. In March, Teva said the deal would close later than expected as it works to obtain regulatory approval.

This month, Teva and Allergan sold five abbreviated new drug applications to hospital pharmaceutical provider Sagent Pharmaceuticals Inc. $40 million, and Teva sold eight drugs to India's Dr. Reddy's Laboratories for $350 million.

On Tuesday, Impax said the deal expands its portfolio of difficult-to-make and limited-competition products.

The alread-to-market drugs included in the deal brought in $150 million in sales and about $100 million in gross profit in 2015, a good chunk of Impax's $860.5 million in revenue that year.

Impax raised its profit guidance for the year because of the deal. It now expects at least 20% profit growth, compared with at least 10% previously. Analysts polled by Thomson Reuters had expected 9% growth.

The deal is being funded by cash and $400 million in debt and is subject to customary closing conditions, Federal Trade Commission approval and the closing the Teva and Allergan deal.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

June 21, 2016 09:02 ET (13:02 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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