Jerusalem: The world's largest generics maker, Teva Pharmaceutical today said that its Japanese joint venture Teva-Kowa Pharma Co, first announced in September 2008, will acquire majority of privately held Taisho Pharmaceutical Industries, Ltd, for an undisclosed sum. The transaction is expected to close before the year is out.
Taisho is the seventh largest generics manufacturer in Japan.
With revenues of over $130 million, Taisho manufactures and markets a portfolio of over 200 generic products to pharmacies, clinics, hospitals and wholesalers, through a well-established sales and marketing force.
Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among the top 20 pharmaceutical companies in the world and is the world's leading generic maker. with over 80 percent of sales in North America and Europe.
Under the terms of the agreement, Teva-Kowa, its joint ventutre in allianxce with with Kowa would purchase at least 66.7 per cent of Taisho's outstanding shares.
These efforts are supported by a finished dosage manufacturing facility and R&D capabilities.