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