Teva To Acquire 57% Of Taiyo Pharmaceutical Industry for $460 million

Teva Pharmaceutical Industries TEVA announced its plans to acquire 57% of privately-held Taiyo Pharmaceutical Industry for $460 million in cash. Teva reported that it will also make an offer to purchase the remaining shares of Taiyo. The deal is likely to be accretive to GAAP earnings within four quarters after closing. Teva's President and Chief Executive Officer Shlomo Yanai said, “This acquisition will enable Teva to deliver on our strategic objective of becoming a leading player in the fast-growing Japanese generics market. In fact, we now expect to reach our 2015 target of $1 billion in sales in Japan ahead of schedule. Taiyo's strong market reach, cutting-edge production facilities, and impressively large product portfolio, combined with Teva's scale and capabilities as the world's largest generics company, will enable us to offer a much wider range of high quality, affordable generics to a much larger segment of the Japanese market.” Teva is expecting the deal to complete by the end of the third quarter. TEVA shares dropped 0.32% to $49.51 in after-hours trading. Read more from Benzinga's Company news.