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Teva Pharmaceutical Logistic Center in the town of Shoam, Israel (AP Photo/Dan Balilty)

(Bloomberg) — Israeli drugmaker Teva Pharmaceuticals Industries Ltd. agreed to buy the generic-drug business of Allergan Plc for about $40.5 billion in cash and stock, and ended its hostile bid for Mylan NV.

Teva will pay $33.75 billion in cash and $6.75 billion worth of shares at today’s price, or about 10 percent of the enlarged company, the Petach Tikva, Israel-based company said in a statement. Teva surged as much as 11 percent as trading resumed in Tel Aviv.

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