Teva joint venture buys stake in Japan drugmaker

AP News
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Posted: Dec 24, 2009 11:22 AM

Teva Pharmaceutical Industries Ltd., the world's largest generic drugmaker, said Thursday its Japanese joint venture will buy a majority stake in Taisho Pharmaceutical Industries Ltd.

Teva-KOWA Co., a venture between Teva and KOWA Co. of Japan, will buy at least two-thirds of Taisho's shares for undisclosed terms. Teva expects to complete the deal by year-end.

Taisho sells more than 200 generic products, with annual revenue of more than $130 million, Teva said.

Teva, based in Israel, reported $11.09 billion in revenue in 2008. More than 80 percent of its sales are in North America and Europe, while Japan is the world's second-largest pharmaceutical market, according to the company.

In morning trading, Teva shares shed 2 cents to $55.96.