Teva Pharmaceutical and Takeda Pharmaceutical have set up a new company to develop generic medicines in Japan.

Known as Teva Takeda Yakuhin, the new company has been formed by splitting off Takeda’s off-patented and data exclusivity expired products business.

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It will be succeeded by Japanese subsidiaries of Teva Pharmaceutical.

Takeda Japan pharma business unit president Masato Iwasaki said: "Takeda’s leading brand reputation and strong distribution presence in Japan combined with Teva’s global supply chain and production network, expertise in commercial deployment and R&D, and the understanding of science, brings forward a new, collaborative business model in line with government objectives and ultimately serving millions of patients."

Teva Takeda Yakuhin is a triangular absorption-type company that is split among Teva Pharma Japan (Teva Pharma) and Taisho Pharm, as well as Takeda.

"The new company has been formed by splitting off Takeda’s off-patented and data exclusivity expired products business."

Established by the name change of Taisho Pharm, the new company is 100% owned by Teva Pharma Japan.

The new venture will help the companies meet wide-ranging needs of patients and growing importance of generics in Japan through the provision of off-patent drugs, products whose patents have expired.

Hiroshi Matsumori has been appointed as president of Teva Pharma Japan.

Japan is said to be one of the fastest growing generics markets in the world, and its growth is expected to continue driven by increased patients’ needs for a stable supply of affordable quality medicines and reduction of healthcare expenditures.