05.16.11
Teva Pharmaceutical Industries Ltd. has signed 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.
Shlomo Yanai, Teva’s president and chief executive officer, said, “This acquisition will enable Teva to deliver on our strategic objective of becoming a leading player in the fast-growing Japanese generics market. In fact, we now expect to reach our 2015 target of $1 billion in sales in Japan ahead of schedule. Taiyo’s strong market reach, cutting-edge production facilities, and impressively large product portfolio, combined with Teva’s scale and capabilities as the world’s largest generics company, will enable us to offer a much wider range of high quality, affordable generics to a much larger segment of the Japanese market.”
Teva expects to complete the transaction by the end of the third quarter. The acquisition is subject to customary closing conditions.
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.
Shlomo Yanai, Teva’s president and chief executive officer, said, “This acquisition will enable Teva to deliver on our strategic objective of becoming a leading player in the fast-growing Japanese generics market. In fact, we now expect to reach our 2015 target of $1 billion in sales in Japan ahead of schedule. Taiyo’s strong market reach, cutting-edge production facilities, and impressively large product portfolio, combined with Teva’s scale and capabilities as the world’s largest generics company, will enable us to offer a much wider range of high quality, affordable generics to a much larger segment of the Japanese market.”
Teva expects to complete the transaction by the end of the third quarter. The acquisition is subject to customary closing conditions.