Abbott concludes joint TAP venture with Takeda

Abbott and Takeda Pharmaceutical have decided to conclude their joint venture, TAP Pharmaceutical Products, it has emerged.

Abbott reported that the agreement to divide the value of the venture between the two firms has now been closed, with Abbott receiving the right to oncology treatment Lupron.

Meanwhile, Takeda will receive the rights to the Prevacid product.

According to Abbott, the conclusion of the TAP Pharmaceutical Products collaboration – which has been in operation for more than 30 years – represents the end of one of the “most successful joint ventures in the history of American business”.

In other Abbott news, this week, basketball player Magic Johnson teamed up with the firm for an Aids awareness campaign targeted at African Americans in Washington DC. The I Stand With Magic Programme is intended to encourage patients, students and community leaders to get educated and tested for HIV and to seek treatment for the disease.