Teva Pharmaceutical Industries Ltd., the company that took over Frazer based Cephalon in 2011, is joining forces with Takeda Pharmaceutical Co. Ltd in a joint venture to focus on expanding generic drug sales in Japan.

Teva, one of the world’s top ten pharmaceutical companies, will hold a 51 percent stake in the venture that both participants are referring to as an “unprecedented partnership”, with the remaining 49 percent held by Takeda. It is expected that the new cooperation will begin operations in the second quarter of next year, pending standard regulatory approvals. The new business venture will work as an independent firm with its own CEO, board of directors, and executive leadership team.

“The new business venture will combine Teva’s strong generics platform, portfolio and quality across the value chain with Takeda’s leading brand presence and distribution capabilities in Japan,” stated Siggi Olafsson, President and CEO of Teva Global Generic Medicines. “This unique combination will create a company ideally positioned to lead the high growth in the generic market in Japan and is aligned with the Japanese government objectives to reach 80% generic penetration by the end of fiscal year 2020.”

He went on to note that the new company formed with Takeda would reaffirm Teva’s long standing commitment to helping patients in Japan, as well as furthering the company’s strategy of increasing its presence in what are considered to be key emerging markets to make sure Teva is positioned for long-term and sustainable growth.

“We are delighted to partner with Teva to start the new business in Japan,” said Masato Iwasaki, Ph.D., President of Takeda’s Japan Pharma Business Unit. “Takeda will further strengthen its initiative as a leading company in the Japanese pharmaceutical industry, leveraging our activities to lead innovation in medicine as well as supporting the new company’s business.”