The Business Venture is Expected to Start Operating in the Second
Calendar Quarter of 2016, and will Offer Patients and the Healthcare
System the Portfolio of Teva’s High-Quality Generic Medicines and
Takeda’s Long Listed Products Supported by the Complementary
Capabilities and Platforms of Both Companies.
JERUSALEM & OSAKA, Japan -- (Business Wire)
Teva Pharmaceutical Industries Ltd. (NYSE and TASE:TEVA) and Takeda
Pharmaceutical Company Limited (TSE:4502)
today announced that the two companies have entered into a definitive
agreement to establish an unprecedented partnership in Japan. The
strategic move between Takeda, an R&D driven pharmaceutical company
which has a long history as a leading company in Japan, and Teva, among
the top ten pharmaceutical companies in the world and the global leader
in generics, will form a new business venture to meet the wide-ranging
needs of patients and growing importance of generics in Japan. As one of
the fastest growing generics markets in the world, Japan is expected to
continue its high growth driven by social requirements such as increased
patients' needs for stable supply of affordable high quality medicines
and the Japanese government's policy of reduction of healthcare
expenditures. Takeda’s leading brand reputation and strong distribution
presence in Japan combined with Teva’s expertise in supply chain,
operational network, global commercial deployment and infrastructure,
and R&D, brings forward a new, collaborative business model in line with
government objectives and ultimately serving millions of patients.
Subject to standard regulatory approvals, the business venture is
expected to start operating in the second calendar quarter of 2016, and
will offer patients and the healthcare system the portfolio of Teva’s
high-quality generic medicines and Takeda’s long listed products. Teva
will have a 51% stake in the new company and Takeda will have 49%. The
business venture will operate as an independent company with its own
Board of Directors, Chief Executive Officer, and Executive Leadership
team. Further details of the agreement have not been disclosed. Given
that the deal will not become effective until April 2016, there is no
expected material financial impact for both Teva and Takeda in 2015.
"We are delighted to partner with Teva to start the new business in
Japan," said Masato Iwasaki, Ph.D., President of Takeda’s Japan Pharma
Business Unit. "Takeda will further strengthen its initiative as a
leading company in the Japanese pharmaceutical industry, leveraging our
activities to lead innovation in medicine as well as supporting the new
company's business."
"The new business venture will combine Teva's strong generics platform,
portfolio and quality across the value chain with Takeda's leading brand
presence and distribution capabilities in Japan," said Siggi Olafsson,
President and CEO of Teva Global Generic Medicines. "This unique
combination will create a company ideally positioned to lead the high
growth in the generic market in Japan and is aligned with the Japanese
government objectives to reach 80% generic penetration by the end of
fiscal year 2020. The new business venture with Takeda reaffirms our
long standing commitment to Japanese patients and delivers on Teva’s
strategy of increasing our presence in key emerging markets to position
Teva for long-term sustainable growth.”
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is a leading
global pharmaceutical company that delivers high-quality,
patient-centric healthcare solutions to millions of patients every day.
Headquartered in Israel, Teva is the world’s largest generic medicines
producer, leveraging its portfolio of more than 1,000 molecules to
produce a wide range of generic products in nearly every therapeutic
area. In specialty medicines, Teva has a world-leading position in
innovative treatments for disorders of the central nervous system,
including pain, as well as a strong portfolio of respiratory products.
Teva integrates its generics and specialty capabilities in its global
research and development division to create new ways of addressing unmet
patient needs by combining drug development capabilities with devices,
services and technologies. Teva's net revenues in 2014 amounted to $20.3
billion. For more information, visit www.tevapharm.com.
About Takeda Pharmaceutical Company Limited
Located in Osaka, Japan, Takeda (TSE:
4502) is a research-based global company with its main focus on
pharmaceuticals. As the largest pharmaceutical company in Japan and one
of the global leaders of the industry, Takeda is committed to strive
towards better health for people worldwide through leading innovation in
medicine. Additional information about Takeda is available on www.takeda.com.
Teva's Safe Harbor Statement under the U. S. Private
Securities Litigation Reform Act of 1995:
This release contains forward-looking statements, which are based on
management’s current beliefs and expectations and involve a number of
known and unknown risks and uncertainties that could cause our future
results, performance or achievements to differ significantly from the
results, performance or achievements expressed or implied by such
forward-looking statements. Important factors that could cause or
contribute to such differences include risks relating to: our ability to
develop and commercialize additional pharmaceutical products;
competition for our specialty products, especially Copaxone® (including
competition from orally-administered alternatives, as well as from
generic equivalents such as the recently launched Sandoz product) and
our ability to continue to migrate users to our 40 mg/mL version and
maintain patients on that version; our ability to identify and
successfully bid for suitable acquisition targets or licensing
opportunities (such as our pending acquisitions of Allergan’s generic
business and Rimsa), or to consummate and integrate acquisitions; the
possibility of material fines, penalties and other sanctions and other
adverse consequences arising out of our ongoing FCPA investigations and
related matters; our ability to achieve expected results from the
research and development efforts invested in our pipeline of specialty
and other products; our ability to reduce operating expenses to the
extent and during the timeframe intended by our cost reduction program;
the extent to which any manufacturing or quality control problems damage
our reputation for quality production and require costly remediation;
increased government scrutiny in both the U.S. and Europe of our patent
settlement agreements; our exposure to currency fluctuations and
restrictions as well as credit risks; the effectiveness of our patents,
confidentiality agreements and other measures to protect the
intellectual property rights of our specialty medicines; the effects of
reforms in healthcare regulation and pharmaceutical pricing,
reimbursement and coverage; governmental investigations into sales and
marketing practices, particularly for our specialty pharmaceutical
products; adverse effects of political or economic instability, major
hostilities or acts of terrorism on our significant worldwide
operations; interruptions in our supply chain or problems with internal
or third-party information technology systems that adversely affect our
complex manufacturing processes; significant disruptions of our
information technology systems or breaches of our data security;
competition for our generic products, both from other pharmaceutical
companies and as a result of increased governmental pricing pressures;
competition for our specialty pharmaceutical businesses from companies
with greater resources and capabilities; the impact of continuing
consolidation of our distributors and customers; decreased opportunities
to obtain U.S. market exclusivity for significant new generic products;
potential liability in the U.S., Europe and other markets for sales of
generic products prior to a final resolution of outstanding patent
litigation; our potential exposure to product liability claims that are
not covered by insurance; any failure to recruit or retain key
personnel, or to attract additional executive and managerial talent; any
failures to comply with complexMedicare and Medicaid reporting and
payment obligations; significant impairment charges relating to
intangible assets, goodwill and property, plant and equipment; the
effects of increased leverage and our resulting reliance on access to
the capital markets; potentially significant increases in tax
liabilities; the effect on our overall effective tax rate of the
termination or expiration of governmental programs or tax benefits, or
of a change in our business; variations in patent laws that may
adversely affect our ability to manufacture our products in the most
efficient manner; environmental risks; and other factors that are
discussed in our Annual Report on Form 20-F for the year ended December
31, 2014 and in our other filings with the U.S. Securities and Exchange
Commission.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151129005056/en/
Contacts:
Teva IR:
United States
Kevin C. Mannix, 215-591-8912
Ran
Meir, 215-591-3033
or
Israel
Tomer Amitai, 972
(3) 926-7656
or
Takeda IR:
Japan
Noriko Higuchi, +81-(0)3-3278-2306
or
Teva
PR:
Israel
Iris Beck Codner, 972 (3) 926-7687
or
United
States
Denise Bradley, 215-591-8974
or
Japan
Mikiko
Yamada, +81-(0)52-459-2001
or
Takeda PR Contact:
Japan
Tsuyoshi
Tada, +81-(0)3-3278-2417
Source: Teva Pharmaceutical Industries Ltd.
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