Date: 2011-07-14
Type of information: Company acquisition
Acquired company: Taiyo Pharmaceutical (Japan)
Acquiring company: Teva Pharmaceuticals (Israel)
Amount: $934 million in cash
Terms: On May 5, 2011, Teva Pharmaceutical Industries Ltd. has signed a definitive agreement to acquire 57% of the shares in privately-held Taiyo Pharmaceutical Industry Co. Ltd. for $460 million in cash paid to private shareholders. Teva will also extend an offer to purchase all remaining outstanding shares of Taiyo. This transaction gives Taiyo an enterprise value of $1.3 billion. The transaction is expected to be accretive to GAAP earnings within four quarters after closing. The transaction will be funded through a combination of cash on hand and bank debt. On July 14, 2011, Teva Pharmaceutical Industries Ltd. announced that it has completed the acquisition of effectively 100% of the outstanding shares of Taiyo Pharmaceutical Industry Co. Ltd. for $934 million in cash. Taiyo is the third largest generics manufacturer in Japan with sales of approximately $530 million in 2010.
Teva expects to complete the transaction by the end of the third quarter. The acquisition is subject to the approval of Taiyo's shareholder meeting and customary closing conditions.
Taiyo brings to Teva a portfolio of over 550 products and a strong presence in all major channels of the Japanese pharmaceutical market. Teva also gained access to Taiyo\'s strong R&D team, local regulatory expertise and a state of the art production facility.
Details:
Related: Generic
