Will begin operations in the second quarter of 2016
Teva Pharmaceutical Industries is forming a partnership with Takeda Pharmaceutical to sell generic and off-patent medicines in Japan. The aim is for the companies to expand in the region as the Japanese government pushes for use of more affordable medicines.
Teva, based in Israel, will have a 51% stake in the venture and Takeda, Japan's largest pharmaceutical manufacturer, will have a 49% share. The venture will work as an independent company and start operations in the second quarter of 2016.
'As one of the fastest growing generics markets in the world, Japan is expected to continue its high growth driven by social requirements such as increased patients' needs for stable supply of affordable high quality medicines and the Japanese government's policy of reduction of healthcare expenditures,' the two firms said in a statement.
Further details of the agreement have not been disclosed.
We are delighted to partner with Teva to start the new business in Japan
'We are delighted to partner with Teva to start the new business in Japan,' said Masato Iwasaki, President of Takeda’s Japan Pharma Business Unit.
'Takeda will further strengthen its initiative as a leading company in the Japanese pharmaceutical industry, leveraging our activities to lead innovation in medicine as well as supporting the new company's business.'
Siggi Olafsson, President and CEO of Teva Global Generic Medicines, added: 'The new business venture will combine Teva's strong generics platform, portfolio and quality across the value chain with Takeda's leading brand presence and distribution capabilities in Japan.
'This unique combination will create a company ideally positioned to lead the high growth in the generic market in Japan and is aligned with the Japanese government objectives to reach 80% generic penetration by the end of fiscal year 2020.'