Japan-based Takeda Pharmaceutical has completed its acquisition of Nycomed, valued at €9.6bn ($12.67bn).

The acquisition is expected to boost Takeda’s sales by approximately 30%, moving the company to 12th in the pharmaceutical sales table.

Takeda chief executive Yasuchika Hasegawa said: "The combination of both organisations will enable us to sustain medium and long term growth targets starting in fiscal 2015 and extending into the next decade."

As per the terms of the acquisition, Frank Morich will be appointed as Nycomed chief executive, with existing chief executive Hakan Bjorklund to remain a "strategic advisor" upon his retirement from the company.