Takeda, Abbott Announce Plans to Conclude TAP Joi...( Companies to Evenly...),Health

Companies to Evenly Divide Value of TAP

OSAKA, Japan, and ABBOTT PARK, Ill., March 19 /PRNewswire-FirstCall/ -- Takeda Pharmaceutical Company Limited and Abbott have entered into an agreement to conclude their TAP Pharmaceutical Products Inc. (TAP) joint venture. The companies expect the transaction to close within 30-60 days.

Under terms of the agreement, the companies will evenly divide the value of the joint venture. Abbott receives rights to the oncology treatment, Lupron, including the commercial organization supporting that franchise, and will receive payments based on TAP's other current and certain future products. Takeda receives the rights to the product Prevacid, all the remaining TAP commercial and support organizations, and the rights to TAP's pipeline.

Abbott expects the transaction to be neutral to 2008 earnings per share. Takeda expects that this agreement will have no impact to its consolidated financial results for the current fiscal year.

The TAP joint venture was created by Takeda and Abbott in 1977 and has been one of the most successful joint ventures in the history of American business. In 2007, TAP had revenues of $3.1 billion from its two currently marketed products, Prevacid and Lupron. Additionally, TAP has two new drug applications under review at the U.S. Food and Drug Administration (FDA).

"I want to take this opportunity to thank our partners at Abbott and the many people who helped make TAP a successful company in its more than 30 years of existence," said Yasuchika Hasegawa, president, Takeda Pharmaceutical Company Limited. "With this agreement Takeda combines two successful organizations and creates a top 15 pharmaceutical company with more than 5,000 employees in the United States. This size and talent base creates a tremendous platform for continued growth in the world's largest pharmaceutical market, which plays a significant role in Takeda's ongoing global growth."

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