Teva takes majority stake in Taiyo

Teva Pharmaceutical Industries has signed a definite agreement to acquire 57 per cent of the share held in privately-owned Taiyo Pharmaceutical Industry Company for $460m in cash.

Shlomo Yanai, Teva president and chief executive, said: "This acquisition will enable Teva to deliver on our strategic objective of becoming a leading player in the fast-growing Japanese generics market. In fact, we now expect to reach our 2015 target of $1bn sales in Japan ahead of schedule."

The deal is subject to the approval of Taiyo's shareholder meeting, but it is expected to be complete by the end of September.

Meanwhile Teva has won the largest share of a new drug delivery tender by Germany's largest healthcare fund Allgemeinen Orstskrankassen. It secured 152 two-year supply contracts, 27 per cent of the contracts in the tender. The contracts come into effect on June 1.