Teva Pharmaceutical Industries, Ltd. and Handok Pharmaceuticals Co., Ltd. have established a business venture in South Korea giving Teva access to the Korean market. Teva will contribute its global resources, with responsibilities for manufacturing and supplying a range of medicines. Handok will be responsible for sales and marketing, distribution, and regulatory affairs. Teva will have a 51% stake in the new business venture and Handok will have 49%.
"This is another significant step in our strategy to expand Teva’s presence in growing markets and excluding Japan, this is our first alliance in East Asia,” said Prof. Itzhak Krinsky, chairman of Teva Japan, chairman of Teva South Korea and head of business development Asia Pacific. “By utilizing Teva’s broad portfolio, R&D capabilities and its global infrastructure and know-how coupled with Handok’s expertise and strong reputation in Korea, Teva and Handok plan to assume a prominent position in the Korean pharmaceutical market. The business venture will enable patients to gain more access to the treatments they need including innovative therapies, such as our multiple sclerosis treatment Copaxone and branded generics.”
"We are glad to open up new business opportunities through this business venture with Teva, which has a broad, unparalleled portfolio of innovative specialty therapeutics, generics, biosimilars and innovative medicines,” said Young-jin Kim, Handok’s chief executive officer. “We expect this business venture to contribute greatly to the Korean pharmaceutical industry by supplying medicines at more affordable prices and providing innovative treatment solutions for CNS, respiratory and women’s health.”