Teva Pharmaceutical Industries has sealed the acquisition of the majority of Taiyo Pharmaceuticals in a deal worth $460m.

Teva will acquire 57% of the company, Japan’s third-largest generic drugs provider, indicating a fresh interest in the country and its policy towards encouraging generic expansion.

Taiyo has a portfolio of over 550 medications and reported sales of $530m last year.

Teva has paid an increasing interest in Japan; company president and chief executive Shlomo Yanai said that this acquisition will help Teva reach its $1bn sales target within the country ahead of schedule.