Teva aquires Taiyo Pharmaceuticals
Teva is buying 57% of the shares in Taiyo for $460 million in cash and will also extend an offer to purchase all remaining outstanding stock. This will value Taiyo at $1.3 billion.
In 2010, Taiyo had sales of $530 million and its portfolio consists of 550 generic drugs "in a variety of therapeutic areas and dosage forms," many of which are injectables.
Taiyo also has "top-tier production capabilities in a wide range of technologies" (including sterile manufacturing) in two facilities, the company claims, "as well as a strong R&D team and local regulatory expertise."
The transaction will be funded through a combination of cash and bank debt and should be completed by the end of the third quarter.