Teva Announces Agreement to Divest Teva-Takeda, its Business Venture in Japan

December 05, 2024 18:00 ET | Source: Teva Pharmaceutical Industries Ltd

• Teva entered into an agreement with JKI Co., Ltd. (“JKI”) established by the fund managed and operated by private equity firm J-Will Partners Co., Ltd. (“J-Will”), through which JKI will acquire Teva-Takeda
• The agreement is aligned with Teva’s Pivot to Growth strategy to focus its business
• The expected divestment of Teva-Takeda, Teva’s business venture in Japan, which includes generics products and legacy products, will allow Teva to focus on bringing its innovative medicines to the Japanese market

TEL AVIV, Israel, Dec. 05, 2024 (GLOBE NEWSWIRE) — Today, Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) announced that it has entered into an agreement with JKI, established by the fund managed and operated by J-Will, whereby all shares of Teva Takeda Pharma Limited and its wholly owned subsidiary Teva Takeda Yakuhin Ltd. will be transferred to JKI.

Teva recently communicated 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 will allow Teva to focus on its innovative medicines business in Japan.

Teva expects the divestiture to be completed by 1 April, 2025, subject to standard closing conditions, including obtaining required regulatory approvals. All the employees of the business venture in Japan will remain employed, subject to the terms of the agreement.

“This is another step in our Pivot to Growth strategy to focus the business,” said Mark Sabag, Executive Vice President, International Markets Commercial. “Furthermore, we are confident that this agreement with JKI will ensure the continued delivery of high-quality, affordable medicines to patients in Japan.”

About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is a global pharmaceutical leader, harnessing our generics expertise and stepping up innovation to continue the momentum behind the discovery, delivery, and expanded development of modern medicine. For over 120 years, Teva’s commitment to bettering health has never wavered. Today, the company’s global network of capabilities enables its ~37,000 employees across 58 markets to push the boundaries of scientific innovation and deliver quality medicines to help improve health outcomes of millions of patients every day. To learn more about how Teva is all in for better health, visit www.tevapharm.com.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, you can identify these forward-looking statements by the use of words such as “should,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance. Important factors that could cause or contribute to such differences include risks and uncertainties relating to: our ability to successfully divest our Teva-Takeda business venture in Japan; the terms, timing, structure, benefits and costs of such divestiture and whether such divestiture will be consummated at all; the impact of any divestiture transaction on the remaining businesses of Teva in Japan and our ability to focus on our innovative business in Japan; our ability to satisfy the closing conditions to completing the divestiture of our business venture in Japan, including to obtain the required regulatory approvals; our ability to successfully execute our Pivot to Growth strategy, including to expand our innovative and biosimilar medicines pipeline and profitably commercialize the innovative medicines and biosimilar portfolio, whether organically or through business development, and to sustain and focus our portfolio of generics medicines; and other factors discussed in our Quarterly Report on Form 10-Q for the third quarter of 2024 and in our Annual Report on Form 10-K for the year ended December 31, 2023, including in the sections captioned “Risk Factors.” Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements.