Teva to buy Japanese generic drugmaker

Japanese newspaper "Nikkei" reports Teva is about to acquire Taiyo, the country's third largest generic drug producer.

The leading Japanese financial newspaper "Nikkei" reports that Teva Pharmaceutical Industries Ltd. (Nasdaq:TEVA; TASE:TEVA) is close to acquiring the country's third largest generic drugmaker Taiyo Pharmaceuticals Industry Co. Ltd. for ¥40 billion, which is about $490 million.

This would be the latest in a string of acquisitions by Teva in Japan as the Israeli company strives to increase its activities in the Japanese market.

The reports come on the same day that Teva announced its acquisition of US bio-pharmaceutical company Cephalon (Nasdaq: CEPH) for $6.8 billion, as the Israeli generic giant seeks to expand and diversify its brand drug portfolio, which is highly dependent on sales of multiple sclerosis treatment Copaxone.

Teva's share price rose 3.37% on Nasdaq yesterday to $47.27, giving a market cap of $42.45 billion. The share price rose a further 0.6% in after-hours trading in New York to $47.55.

Published by Globes, Israel business news - www.globes-online.com - on May 3, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

5 Comments
View comments in rows
Update by email about comments talkback
POST
Comments
Your name
Please insert your name
Content
Hyperlink in a new window Hyperlink Right Left underline italic bold Bulleted List Ordered List Face1 Face2 Face3 Face4 Face5 Face6
Your comment

Thanks
You comment was recieved and soon will be published.
In posting comments, I agree to abide by the Terms of Use
Globes encourages lively and frank debate, but posts that the editors consider merely abusive or otherwise inappropriate will be removed. Report inappropriate content
Thank you for posting your comment, which will be reviewed for publication.
Loading Comments...load
Load more comments
Yaron Daniely Replacing Ritalin

Alcobra has had two successful Nasdaq offerings this year as it develops an ADHD treatment with fewer side effects.

Twitter Facebook Linkedin RSS Newsletters