UPDATE 1-Perrigo buys rights to OTC version of generic Allegra

* Buys rights to OTC version of generic Allegra from Teva

* Deal terms not disclosed

* Allegra is Sanofi's allergy drug

June 29 (Reuters) - Generic drugmaker Perrigo Co (PRGO.O) (PRGO.TA) said it bought the U.S. store brand rights to an over-the-counter copycat version of Sanofi-Aventis' (SASY.PA) allergy drug Allegra from Israel's Teva Pharmaceutical Industries Ltd (TEVA.TA).

Teva, which is the world's No.1 generic drugmaker, currently has the prescription approval for generic Allegra -- named Fexofenadine HCl.

Perrigo bought rights to sell and distribute over-the-counter versions of Fexofenadine HCl 180 mg and 60 mg tablets, and Pseudoephedrine 120 mg tablets, copycats of Sanofi's Allegra and Allegra D-12 products.

The terms of the deal were not disclosed.

Allegra 180 mg, 60 mg and Allegra D-12 are indicated for the relief of symptoms associated with seasonal allergies. Sanofi has already applied to the U.S. health regulator to switch these drugs from prescription to over-the counter.

According to data provided by Wolters-Kluwer, Allegra 180 mg and 60 mg had combined annual sales of about $1.5 billion prior to the entry of generic competition in 2005, Perrigo said in a statement.

Shares of the company closed at $59.30 Monday on Nasdaq. (Reporting by Esha Dey in Bangalore; Editing by Roshni Menon)