Teva Pharmaceutical Industries Ltd. and Takeda Pharmaceutical Company Limited have established Teva Takeda Yakuhin Ltd., a joint venture focusing on generic drugs in Japan.

The companies had announced in November 2015 their plans to form the joint venture and in December 2015 provided further details of the joint venture. The deal is a triangular absorption-type company split among Teva Pharma Japan Inc. and Taisho Pharm. Ind., Ltd. as well as Takeda. In this absorption-type company split, Takeda is the splitting company and Taisho Pharm will be the succeeding company. Takeda’s long listed products (LLP) business will be transferred to Taisho Pharm, and Taisho Pharm will allocate shares of Teva Pharma, which will become its parent company, to Takeda as consideration for the company split. The company name of Taisho Pharm succeeds Takeda’s LLP business and also continue its generics business, which becomes Teva Takeda Yakuhin Ltd. The company name of Teva Pharma, which will continue its generics business, becomes Teva Takeda Pharma Ltd. Teva will hold 51% of Teva Pharma’s shares through Teva Holdings KK, which is also the Japanese subsidiary of Teva, and Takeda will hold 49% of Teva Pharma’s shares. Teva Takeda Yakuhin is established by the name change of Taisho Pharm. Ind., Ltd. and a subsidiary of Teva, which runs a generic drug business and which transfers Takeda's LLP business in Japan. The name change to Teva Takeda Pharma Ltd. is to become effective in or after October 2016.

Hiroshi Matsumori has been appointed chief executive officer and president of Teva Pharma Japan Inc. Mr. Matsumori has over 34 years of rich and diverse experience in the pharmaceutical industry including in the generics and LLP businesses, the core business of the newly established business venture. Mr. Matsumori will assume this position on April 25, 2016, and will be based in Nagoya, Japan.

Source: Teva Pharmaceutical Industries