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Israel’s Teva Pharmaceutical Industries has agreed to acquire 57% of Taiyo Pharmaceutical Industry for $460 million in cash. Teva is also extending an offer to buy the rest of Taiyo; the overall transaction values the Japanese firm at $1.3 billion. According to Teva, Taiyo is Japan’s third-largest generic drug company, with 2010 sales of $530 million. The additional sales will help Teva beat its goal of having $1 billion in annual Japanese sales by 2015. Japan, the world’s second-largest drug market, has a relatively low generics penetration of 23%, Teva notes.
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