Teva-KOWA Pharma Co., Ltd., a joint venture in Japan between Teva Pharmaceutical Industries, Ltd. and KOWA Co., Ltd., has signed a definitive agreement to acquire a majority (at least 66.7%) of the outstanding shares of Taisho Pharmaceutical Industries, Ltd. The transaction is expected to close by the end of the year. Financial terms were not disclosed.

Taisho manufactures and markets more than 200 generic products to pharmacies, clinics, hospitals and wholesalers. Taisho also has a finished dosage manufacturing facility and R&D capabilities. The privately held company has revenues of more than $130 million.

Teva-KOWA Pharma will leverage Taisho’s commercial presence in the Japanese generics market and its expertise in developing, registering, manufacturing and marketing generics in Japan.

Shlomo Yanai, Teva’s president and chief executive officer, said, “We are very pleased with this important step, which will serve as a springboard for Teva-KOWA’s operations in Japan. Taisho will bring invaluable local expertise and know-how to support our growth plan in Japan.”

Mr. Kenichi Imoto, president of Taisho Pharmaceutical Industries, said, “We have built Taisho as a provider of high quality generic pharmaceuticals to the Japanese people. Joining forces with Teva-KOWA marks a new beginning at Taisho. This new collaboration will enable us to take advantage of new opportunities in the market and grow our business even further. Taisho’s management and employees are eager to join Teva-KOWA and move forward together to meet the challenges and goals of the combined companies.”