Teva To Buy Out Kowa's Interest in Japanese Joint Venture for $150 Million
Teva Pharmaceutical Industries, an Israel-based pharma company, Monday announced that it has planned to buy out its partner, Kowa Company's 50% stake in their Japanese joint venture for $150 million, thus owning the venture completely.
Pursuant to this acquisition, Teva now expects the Japanese venture to do business immediately and become a wholly-owned member of the Teva Group. Teva said it looks to generate more than $800 million in revenues annually, through this buyout, compared to $200 million last year.
Additionally it had also acquired Japanese firm, Taiyo Pharmaceutical Industry for $934 million in July.
Shlomo Yanai, President and CEO of Teva said that with this stronger platform, Teva would be in a better position to further drive penetration of high quality generic pharmaceuticals in Japan.
