Teva-KOWA Pharma has signed a definitive agreement to acquire a majority of the outstanding shares of Taisho Pharmaceutical Industries (Taisho). As per the agreement, Teva-KOWA Pharma is expected to purchase at least 66.7% of Taisho’s outstanding shares.
The transaction is expected to close by the end of 2009. Financial terms were not disclosed.
Shlomo Yanai, president and CEO of Teva, said: “We are very pleased with this important step, which will serve as a springboard for Teva-KOWA’s operations in Japan. Taisho will bring invaluable local expertise and know-how to support our growth plan in Japan.”
Kenichi Imoto, president of Taisho Pharmaceutical Industries said: “We have built Taisho as a provider of high quality generic pharmaceuticals to the Japanese people. Joining forces with Teva-KOWA marks a new beginning at Taisho.
“This new collaboration will enable us to take advantage of new opportunities in the market and grow our business even further. Taisho’s management and employees are eager to join Teva-KOWA and move forward together to meet the challenges and goals of the combined companies.”