AsianScientist (Jul. 17, 2011) – Israel-based generics drug maker Teva Pharmaceutical Industries Ltd. announced this week that it had completed the acquisition of Japan drug manufacturer Taiyo Pharmaceutical Industry Co. Ltd. for US$934 million in cash.
Taiyo is the third largest generics manufacturer in Japan with sales of approximately US$530 million in 2010.
This acquisition will bring to Teva over 550 products and a share of the Japanese pharmaceutical market, besides Taiyo’s R&D team, local regulatory expertise, and a state of the art production facility. Following the acquisition, Teva expects to reach US$1 billion in sales in Japan, ahead of its original 2015 target.
“This is an important milestone in executing Teva’s long term strategic plan,” said Shlomo Yanai, Teva’s President and Chief Executive Officer. “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.”
Japan is the second largest pharmaceutical market globally, valued at US$96 billion in 2010 with only a 23 percent rate of generic penetration. The Japanese government has expressed its intention to increase generic penetration to 30 percent by the end of 2012.
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Source: Teva Pharmaceuticals.
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