Teva Pharmaceutical Industries Ltd. and Takeda Pharmaceutical Co. Ltd. have established a new business venture, Teva Takeda Yakuhin Ltd.

Mr. Hiroshi Matsumori has been appointed chief executive officer and president of Teva Pharma Japan Inc. Mr. Matsumori has more than 34 years of diverse experience in the pharmaceutical industry including in the generics and LLP businesses, the core business of the newly established business venture. Mr. Matsumori will assume this position on April 25, 2016, and will be based in Nagoya.

Takeda, an R&D driven pharma company, and Teva, a global leader in generics, will work to meet the needs of patients and growing importance of generics in Japan through the provision of off-patent drugs.

“We are delighted to begin this new business venture with Teva in Japan,” said Masato Iwasaki, Ph.D., president of Takeda’s Japan Pharma Business Unit. “Takeda’s leading brand reputation and strong distribution presence in Japan combined with Teva’s global supply chain and production network, expertise in commercial deployment and R&D, and the understanding of science, brings forward a new, collaborative business model in line with government objectives and ultimately serving millions of patients.”

“We are very much looking forward to the new business venture with Takeda as our partner in Japan and we welcome Mr. Matsumori as the newly appointed CEO, whose extensive knowledge in the generics and LLP businesses will help position the company for future success,” said Siggi Olafsson, president and chief executive officer of Teva Global Generic Medicines. “Japan is one of the fastest growing generics markets in the world, and we expect its high growth to continue driven by social requirements such as increased patients’ needs for a stable supply of affordable high quality medicines and reduction of healthcare expenditures. We believe that we can contribute to the healthcare industry, medical professionals and most important, patients in Japan.”