Abbott and Takeda agree deal to dissolve their US joint venture TAP
US health care major Abbott Laboratories and Japan's leading drugmaker Takeda have formally announced that they intend to dissolve their US joint venture, TAP, which was formed in 1977. The move was revealed late on March 19, following earlier rumors of such plans.
Under terms of the agreement, the companies will divide the value of the joint venture evenly. Abbott will receive rights to the prostate cancer treatment Lupron (leuprolide acetate), including the commercial organization supporting that franchise, as well as payments based on TAP's other current and certain future products. For its part, Takeda gets the rights to the gastrointestinal/heartburn drug Prevacid (lansoprazole), all the remaining TAP commercial and support organizations, in addition to ownership of the JV's pipeline.
Abbott said that it expects the transaction, which should close within 30-60 days, to be neutral to 2008 earnings per share, while Takeda believes that it will have no impact on its consolidated financial results for the current fiscal year.
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