Teva to buy Japanese generic drugmaker

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

The leading Japanese financial newspaper "Nikkei" reports that Teva Pharmaceutical Industries Ltd. (Nasdaq:TEVA; TASE:TEVA) is close to acquiring the country's third largest generic drugmaker Taiyo Pharmaceuticals Industry Co. Ltd. for �40 billion, which is about $490 million.

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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