Teva to pay $27.6m to settle fraud charges
Taiyo is Japan's third largest generics manufacturer with $530 million in sales in 2010.
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) today completed its acquisition of Taiyo Pharmaceutical Industry Co. Ltd. for $934 million in cash.
As with all of Teva's acquisitions, it expects Taiyo's results to positively accrue to its earnings per share within a year.
Taiyo is Japan's third largest generics manufacturer with $530 million in sales in 2010. Taiyo brings to Teva a portfolio of over 550 products and a strong presence in all major channels in the Japanese pharmaceutical market. Teva also gains access to Taiyo's strong R&D team, local regulatory expertise and a state of the art production facility. Teva expects that the acquisition will boost its sales in Japan to $1 billion, ahead of its original 2015 target.
Teva president and CEO Shlomo Yanai told "Globes", "This is an important milestone in executing Teva's long term strategic plan. The acquisition 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."
Teva's Japanese operations include a joint venture with Kowa Pharmaceuticals Ltd., Teva-Kowa Pharma Ltd., which acquired Taisho Pharmaceuticals Ltd. Teva recognizes only part of the venture's revenue, in line with its agreement with Kowa. Teva also has independent brand drugs and active pharmaceutical ingredients operations in Japan.
Teva's acquisition of Taiyo is separate from Teva-Kowa Pharma. Yanai told "Globes" that Teva did not expect to make a write-down for goodwill on the acquisition. "The Japanese pharmaceuticals market is the world's second largest market after the US," said Yanai. "The US market amounts to $350 billion, and the Japanese market amounts to nearly $100 billion. However, 75% of the US market is generics, compared with 23% in Japan. This shows why we think that there's great potential in Japan."
Teva's share price rose 0.4% on Nasdaq yesterday to $49.23, giving a market cap of $46.3 billion, and rose 0.9% in early trading on the TASE today to NIS 171.50.
Published by Globes [online], Israel business news - www.globes-online.com - on July 14, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011
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