Teva, Handok to set up new business venture in South Korea

The activities of Teva-Handok business venture are anticipated to begin in few months subsequent to the issuance of approvals by the regulatory bodies.

Teva South Korea chairman, business development Asia Pacific head and Teva Japan chairman Prof. Itzhak Krinsky said, "The business venture will enable patients to gain more access to the treatments they need including innovative therapies, such as our multiple sclerosis treatment Copaxone and branded generics."

As per the deal, Teva is responsible for manufacturing and delivering a range of inexpensive medicines while Handok will look after sales and marketing, distribution and regulatory affair activites.

Profit will be split to 51% and 49% to Teva and Handok respectively from the new business venture in which Teva will have a controlling stake.

Handok CEO Young-jin Kim said, "We expect this business venture to contribute greatly to the Korean pharmaceutical industry by supplying medicines at more affordable prices and providing innovative treatment solutions for CNS, respiratory and women’s health."

The financial terms of the deal were not revealed.