Takeda divests select OTC, non-core assets to Acino for over US$200 mil

-A +A

KUALA LUMPUR (Oct 15): Takeda Pharmaceutical Company Limited (Takeda) has entered into an agreement to divest a portfolio of select over-the-counter (OTC) and prescription pharmaceutical assets within its Growth and Emerging Markets Business Unit to Acino for over US$200 million. (US$1 = RM4.19)

The agreement involves assets sold in a number of Near East, Middle East and Africa countries of which, Egypt, Saudi Arabia, South Africa, Turkey, Ukraine and the United Arab Emirates are among key countries.

Under the terms of agreement, Acino, a Swiss pharmaceutical company, will acquire the rights, title and interest to the products in the portfolio exclusive to these countries. 

It is anticipated that primarily, sales and marketing professionals supporting the portfolio will transition to Acino at the closing of the transaction. 

The parties will also enter into a multi-year manufacturing and supply agreement under which Takeda will continue to manufacture the products on behalf of Acino.

The Japan-based biopharmaceutical leader will use the proceeds to reduce debt and continue to deleverage towards its target of 2.0x net debt/adjusted EBITDA over the next three to five years.

The transaction is expected to close between January and March next year, subject to the satisfaction of customary closing conditions, including receipt of applicable antitrust approvals. Until then, these products will continue to be made available by Takeda.

Takeda is being advised by BofA Securities (financial adviser), White & Case (legal adviser) and Deloitte (financial consultant) in this transaction. — Bernama