Teva Pharmaceutical to Buy Taiyo Pharmaceutical
From Japan Economic Newswire (May 16, 2011)
TOKYO, May 16 -- (Kyodo) _ Teva Pharmaceutical Industries Ltd., the world's major generic drugmaker, said Monday it has agreed with Taiyo Pharmaceutical Industry Co. to acquire around 57 percent of the Japanese firm's shares for around 37 billion yen.
The Israel firm will eventually buy all of the shares of Japan's No. 3 generic drugmaker, based in Nagoya.
Teva's President and Chief Executive Officer Shlomo Yanai said during a press conference in Tokyo that the company hopes to play a leading role in Japan's rapidly growing market for generic drugs.
Teva, which has bases in 60 countries, logged sales of around $16.1 billion (about 1.3 trillion yen) in 2010, while Taiyo had estimated sales of 51.4 billion yen in the business year ended March.
Posted: May 2011