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Under the agreement, Takeda will divest the rights, title, and interest to 18 over-the-counter and prescription products sold in Brazil, Mexico, Argentina, Colombia, Ecuador, Panama, and Peru.
Takeda announced on March 2, 2020 that it has entered into an agreement to divest a portfolio of non-core products in Latin America to Hypera Pharma, a Brazilian pharmaceutical company, for $825 million.
Under the agreement, Takeda will divest the rights, title, and interest to 18 over-the-counter and prescription products sold in Brazil, Mexico, Argentina, Colombia, Ecuador, Panama, and Peru, according to a Takeda press release. The companies have also entered into a manufacturing and supply agreement that allows Takeda to continue manufacturing the products after the expected close date in the second half of 2020.
“Takeda remains firmly committed to the emerging markets and Latin America. This divestment enables us to focus our investments in these countries that center on our highly innovative medicines across gastroenterology, rare diseases, plasma-derived therapies, oncology and neuroscience,” said Ricardo Marek, president, Growth & Emerging Markets Business Unit, Takeda, in the press release. “Doing so will help meet the unmet needs of patients living with complex and rare conditions. At the same time, we are confident that Hypera Pharma is well placed to provide patients with uninterrupted access to the products they will acquire.”
This is the fifth divestment for Takeda in the last 12 months, which adds to its plan to divest $10 billion in non-core assets, the press release said. Takeda will use the profits from its divestments to reduce its debt.
“This announcement marks the latest step in Takeda’s strategy of streamlining and optimizing our portfolio while accelerating our deleveraging. By continuing to focus on our key business areas and pipeline of innovative medicines, we will strengthen our position as a R&D-driven global biopharmaceutical leader and deliver enhanced value for patients and Takeda shareholders,” said Costa Saroukos, chief financial officer, Takeda, in the press release.