JERUSALEM — Teva Pharmaceutical Industries has completed its acquisition of Japan’s third-largest generics company, Teva said.
The Israeli drug maker, the world’s largest maker of generic drugs, announced that it had acquired effectively all the outstanding shares of Taiyo Pharmaceutical Industry Co. for $934 million.
“This is an important milestone in executing Teva’s long-term strategic plan,” Teva president and CEO Shlomo Yanai said in a statement. “The acquisitio of Taiyo, along with Teva’s existing Japanese business, assures that Teva will deliver on our strategic objective of becoming a leading player in Japan.”
Taiyo had sales of about $530 million in 2010, and its acquisition adds more than 550 products to Teva’s portfolio, as well as Taiyo’s research and development team, local regulatory expertise and a factory. Teva said it expected its sales in Japan to reach $1 billion after the purchase.