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Home Industry News Abbott, Takeda Pharmaceutical call time on TAP

Abbott, Takeda Pharmaceutical call time on TAP

20th March 2008

Japanese firm Takeda Pharmaceutical and US-based Abbott have agreed a deal to close their TAP Pharmaceutical Products joint venture, the companies have announced.

Under the agreement, the two firms will equally divide the value of the spin-out company, which has been described as “one of the most successful joint ventures” in American business history.

Abbott will receive the rights to TAP’s oncology treatment, Lupron, as well as payments based on the company’s other and future products.

Takeda, meanwhile, will receive the rights for Prevacid along with all the rights for all remaining TAP commercial and support organisations. It will also have control over TAP’s pipeline products.

In 2007, TAP recorded revenues of $3.1 billion (1.56 billion pounds) from sales of Lupron and Prevacid.

Miles White, Abbott’s chairman and chief executive, said TAP had brought “many years” of commercial success for both his company and Takeda.

“Now we have the opportunity to make a strategic change that equally splits the assets in a way that will benefit both Abbott and Takeda in the future,” he said.

Abbott recently announced its results for the fourth quarter of 2007, which saw its worldwide sales rise by 16.1 per cent to $7.2 billion.

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