Teva Pharmaceutical Industries Limited (TEVA) to Buy Japanese Generic Drugmaker, Taiyo Pharmaceuticals Industry Co. Ltd. for $490 Million  
5/3/2011 7:03:52 AM

Globes -- 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.

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.