BREAKING NEWS

Teva takes over Japanese generics co Taiyo

By HILLEL KOREN / GLOBES

MAY 16, 2011 09:28

Teva Pharmaceutical Industries Ltd. announced today that it has signed a definitive agreement to acquire 57% of the shares in privately-held Taiyo Pharmaceutical Industry Co. Ltd. for $460 million in cash paid to private shareholders.

Teva will also extend an offer to purchase all remaining outstanding shares of Taiyo.

This transaction gives Taiyo an enterprise value of $1.3 billion. The transaction is expected to be accretive to GAAP earnings within four quarters after closing.

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