Under the terms of the agreement, Teva-Kowa Pharma will purchase at least 66.7% of Taisho's outstanding shares. The transaction is expected to close by the end of 2009. Financial terms were not disclosed.

The acquisition will further advance Teva-Kowa Pharma in its strategic objective to become the provider of choice of affordable generic medicine in the Japanese market, supporting the Japanese government's initiative to increase the use of generic pharmaceuticals, the company said.

Shlomo Yanai, president and CEO of Teva, said: "We are very pleased with this important step, which will serve as a springboard for Teva-Kowa's operations in Japan. Taisho will bring invaluable local expertise and know-how to support our growth plan in Japan."

A service of YellowBrix, Inc.