Teva To Acquire 57% of Taiyo Shares
Israel's Teva Pharmaceutical Industries is about to acquire Taiyo Pharmaceutical Industry, the third largest generic drug producer in Japan.
Israel's Teva Pharmaceutical Industries Ltd. has inked a definitive agreement to acquire 57% of the shares in Taiyo Pharmaceutical Industry Co. Ltd. for $460 million in cash. Teva will also extend an offer to purchase all remaining shares of Taiyo. The total transaction is valued at $1.3 billion.
Taiyo is the third largest generic pharmaceutical company in Japan with sales of $530 million in 2010. The company has a generic product portfolio with more than 550 generic drugs in a variety of therapeutic areas and dosage forms. Taiyo has production capabilities in a range of technologies, including sterile manufacturing in two facilities, as well as a strong R&D team and local regulatory expertise.
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