Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) announced that it will acquire the 50% interest formerly held by Kowa Company Ltd. in Teva-Kowa Pharma, the two companies' joint venture in Japan, for $150 million. With this acquisition, Teva will own 100% of the former joint venture.
Teva and Kowa announced the establishment of Teva-Kowa Pharma Co., Ltd. in September 2008, and have since grown the joint venture into one of the top 5 generic players in Japan. It generated sales of approximately $200 million in 2010.
"We are happy to have reached this agreement to bring all our Japanese operations under Teva's full control and ownership. Full ownership of all our activities, including Taiyo, will allow us to better grow our business in Japan," said Teva President and CEO Shlomo Yanai. Teva is also active in Japan with its branded medications and raw materials.