Teva to buy Japanese generic drugmaker Taiyo?
According to Japan’s leading financial newspaper, The Nikkei, Israeli generics drug giant Teva Pharmaceutical Industries (Nasdaq: TEVA) is about to acquire Taiyo Pharmaceuticals, Japan’s third largest generic drug producer, for around $490 million.
This would be the latest in a string of acquisitions by Teva in Japan as the Israeli company strives to increase its activities in that market. Also, just a day earlier, Teva revealed that it had entered into an agreed deal to acquire USA-based biotech company Cephalon for $6.8 billion, topping a hostile offer from Valeant (The Pharma Letter May 3).
Teva started a Japanese unit in 2005 and formed a generic drug joint venture, Teva-Kowa Pharma, with Japanese pharmaceutical firm Kowa in 2008. Early last year, the JV acquired a majority stake in Taisho Pharmaceuticals (The Pharma Letter January 4, 2010).
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