Press Release
Takeda, Abbott Announce Plans to Conclude TAP Joint Venture
Companies to Evenly Divide Value of TAP
March 19, 2008
Osaka, Japan, and Abbott Park, Illinois (NYSE: ABT)
— 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."
"Takeda and Abbott have shared in the commercial success of TAP for many
years," said Miles D. White, chairman and chief executive officer, Abbott.
"Now we have the opportunity to make a strategic change that equally splits
the assets in a way that will benefit both Abbott and Takeda in the future. For
Abbott, the addition of Lupron establishes an on-market presence in oncology
where we have a number of promising compounds advancing through our
pipeline."
Following the completion of the transaction, Takeda plans to integrate TAP
into two of its wholly-owned U.S. subsidiaries, Takeda Pharmaceuticals North
America, Inc. and Takeda Global Research and Development Center, Inc. The
Lupron franchise will become part of Abbott's U.S. pharmaceutical business.
About TAP Pharmaceutical Products Inc.
TAP Pharmaceutical Products Inc., located in Lake Forest, Illinois, is a
joint venture between Abbott, headquartered in Abbott Park, Illinois, and
Takeda Pharmaceutical Company Limited, of Osaka, Japan. TAP markets Prevacid®
(lansoprazole) and Lupron Depot® (leuprolide acetate for depot suspension). For
more information about TAP Pharmaceutical Products Inc., and its products,
visit the company's web site at www.tap.com.
About Abbott
Abbott (NYSE: ABT)
is a global, broad-based health care company devoted to the discovery,
development, manufacture and marketing of pharmaceuticals and medical products,
including nutritionals, devices and diagnostics. The company employs 68,000
people and markets its products in more than 130 countries.
Private Securities Litigation Reform Act of 1995
A Caution Concerning Forward-Looking Statements
Some statements in this news release may be forward-looking statements for
the purposes of the Private Securities Litigation Reform Act of 1995. Abbott
cautions that these forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially from those
indicated. Economic, competitive, governmental, technological and other factors
that may affect Abbott's operations are discussed in Item 1A, "Risk
Factors," to Abbott's Annual Report on Securities and Exchange Commission
Form 10-K for the year ended Dec. 31, 2007, and are incorporated by reference.
Abbott undertakes no obligation to release publicly any revisions to
forward-looking statements as a result of subsequent events or
developments.
About Takeda
Takeda, located in Osaka, Japan, is a research-based global company with its
main focus on pharmaceuticals. As the largest pharmaceutical company in Japan
and one of the global leaders in the industry, Takeda is committed to striving
toward better health for individuals and progress in medicine by developing
superior pharmaceutical products. Additional information about Takeda is
available through its corporate website, www.takeda.com.
Takeda Forward-Looking Statement
This press release contains forward-looking statements regarding the
Company's plans, outlook, strategies and results for the future. All
forward-looking statements are based on judgments derived from the information
available to the Company at this time. Certain risks and uncertainties could
cause the Company's actual results to differ materially from any projections
presented in this press release. These risks and uncertainties include, but are
not limited to, the economic circumstances surrounding the Company's business;
competitive pressure; relative laws and regulations; product development
programs; and changes in exchange rates. We assume no obligation to update or
reverse any forward-looking statements or other information contained in this
presentation, whether as a result of new information, future events, or
otherwise.
| Abbott Contacts: |
|
Media:
Melissa Brotz
Scott Stoffel |
(847) 935-3456
(847) 936-9502 |
Financial:
John Thomas |
(847) 938-2655 |
Takeda Contacts: |
Media:
Matt Kuhn |
(224) 554-5609 |
Financial:
Tomoyuki Ooue |
+81-3-3278-2301
Ooue_Tomoyuki@takeda.co.jp |
