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news.Teva Pharmaceutical Industries, a developer and marketer of generic drugs, has signed a definitive agreement with Japan-based multinational company Kowa to establish a generic pharmaceutical company in Japan.
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The company, Teva-Kowa Pharma will seek to leverage the marketing, R&D, manufacturing and distribution capabilities of each company to become a broad based supplier of high quality generic pharmaceutical products for the Japanese market and reach sales of $1 billion in 2015.
Each company will have a 50% stake in Teva-Kowa Pharma, which will become operational in 2009.
Shlomo Yanai, president and CEO of Teva, said: “Our objective is to provide the Japanese generic market, which is expected to double in volume in the next five years, with high quality and affordable pharmaceuticals, supporting the government’s stated objective of increasing generic penetration.
“This strategic partnership is an important milestone in executing Teva’s five year strategic plan, as it provides a robust platform for Teva to further strengthen its global leadership and establishes a strong presence in the Japanese market.”