Teva Pharmaceuticals announced that it has entered into an agreement with JKI, established by the fund managed and operated by J-Will, to divest Teva-Takeda, its generics business venture in Japan.
Per the deal, all shares of Teva Takeda Pharma Limited and its wholly owned subsidiary Teva Takeda Yakuhin will be transferred to JKI. In order to facilitate the deal, Takeda will transfer all of its 49% outstanding shares in its affiliate Teva Takeda Pharma to Teva. The joint venture, established in 2016, focused on generic and off-patent drugs in Japan.
Teva communicated back in May that it was open to exploring new strategic approaches in Japan, including a possible divestment of its Teva-Takeda business venture, in alignment with its 'Pivot to Growth' strategy. The divestment, according to Teva, will allow the drugmaker to focus on its innovative medicines business in Japan.
Teva expects the divestiture to be completed by April 2025, subject to standard closing conditions. All employees of the business venture in Japan will remain employed, subject to the terms of the agreement.