OSAKA, Japan--(BUSINESS WIRE)--Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK) (“Takeda”) today announced the completion of its previously-announced sale of a portfolio of select products to STADA Arzneimittel AG (“STADA”) for a total value of $660 million USD. The portfolio includes approximately 20 over-the-counter (OTC) and prescription pharmaceutical products exclusively in Russia, Georgia, and a number of countries from within the Commonwealth of Independent States, which form part of Takeda’s Growth & Emerging Markets Business Unit. This divestment agreement was first announced in November 2019.
The divested portfolio includes OTC Vitamins and Food Supplements, plus select products within the Cardiovascular, Diabetes, General Medicine, and Respiratory therapeutic areas, which are outside of the business areas Takeda has chosen as core to its global long-term growth. As previously announced, Takeda and STADA have also entered into manufacturing and supply agreements under which Takeda will continue to manufacture and supply the products to STADA. The portfolio’s growth is driven by sales of products such as Cardiomagnyl, and other strong regional brands. In addition, approximately 450 employees supporting the divested assets have transitioned over to STADA.
Takeda remains focused on executing its strategy of rapid deleveraging, driven by strong cash flow and divestiture proceeds, while also simplifying its portfolio. The Company intends to use the proceeds from the sale to reduce its debt and accelerate deleveraging towards its target of 2x net debt/adjusted EBITDA within March 2022 – March 2024.
The completion of this transaction marks continued progress on Takeda’s goal to divest $10 billion USD in non-core assets and focus on its five key business areas. Earlier this week, Takeda announced the sale of a portfolio of select non-core products exclusively in Latin America to Hypera Pharma for $825 million USD and completed its sale of non-core assets in a number of Near East, Middle East and Africa countries to Acino for over $200 million USD. Additionally, Takeda completed the divestiture of Xiidra® to Novartis for up to $5.3 billion USD in July 2019 and announced the sale of TachoSil® to Ethicon for $400 million USD in May 2019.
About Takeda Pharmaceutical Company Limited
Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK) is a global, values-based, R&D-driven biopharmaceutical leader headquartered in Japan, committed to bringing Better Health and a Brighter Future to patients by translating science into highly-innovative medicines. Takeda focuses its R&D efforts on four therapeutic areas: Oncology, Rare Diseases, Neuroscience, and Gastroenterology (GI). We also make targeted R&D investments in Plasma-Derived Therapies and Vaccines. We are focusing on developing highly innovative medicines that contribute to making a difference in people's lives by advancing the frontier of new treatment options and leveraging our enhanced collaborative R&D engine and capabilities to create a robust, modality-diverse pipeline. Our employees are committed to improving quality of life for patients and to working with our partners in health care in approximately 80 countries.
For more information, visit https://www.takeda.com.
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