Israel-based pharmaceutical firm Teva Pharmaceutical will acquire the remaining 50% stake of its Teva-Kowa Pharma joint venture, turning the venture into a wholly owned subsidiary.

Teva originally started the joint venture with Japanese firm Kowa in 2008 and will purchase the remaining stake for approximately $150m.

The move comes after generic manufacturer converted Taiyo Pharmaceuticals into a 100% subsidiary in July 2011 and will make Teva Japan’s largest generic drug company.

As a result of the acquisition, Teva has brought forward its 2015 sales target of 100bn yen ($1.3bn).