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Teva acquires Taiyo for almost $1bn

Teva Pharmaceutical has completed the full acquisition of Japanese generics manufacturer Taiyo in a cash deal worth $934m

Teva Pharmaceutical has completed the full acquisition of Japanese generics manufacturer Taiyo in a cash deal worth $934m.

The agreement follows Israel-based Teva's agreement in May 2011 to acquire 57 per cent of the share held in Taiyo for $460m in cash.

Teva is already the largest generics company in the world, and will add a portfolio of over 550 products and a strong Japanese presence to its business.

Taiyo currently has annual sales of around $530m in a market where generic penetration is relatively low but is being actively encouraged by the Japanese government.

According the Teva, the company expects to reach $1bn in sales in Japan, ahead of its original 2015 target.

Teva president and CEO, Shlomo Yanai, described the acquisition as an "important milestone" for the company.

He continued: "The acquisition of Taiyo, along with Teva's existing Japanese business, assures that Teva will deliver on our strategic objective of becoming a leading player in Japan."

14th July 2011

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