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Teva Pharmaceutical Industries Ltd (ADR) (NYSE: TEVA) established a joint business venture with Japan-based Takeda Pharmaceutical Company at the end of November. The companies updated the investment community on Sunday and offered details of their strategic partnership.
According to a joint press release, the new business venture will be established in or after April 2016 and will combine Teva Pharmaceutical's "high-quality" generic medicines and Takeda's "long listed" products to patients and healthcare professionals in Japan.
Teva noted the deal will be accretive to both its earnings per share and cash flow in fiscal 2016 and over the long term, due to an expected growth of the generic business and the addition of products from Takeda and Teva to the new business venture.
Teva also added that the new business venture will be "instantly accretive" to its non-GAAP earnings per share in 2016 and beyond.
Shares of Teva were trading lower by 0.39 percent at $66.06 shortly after Monday's opening bell. However, the stock is higher by nearly 15 percent since the start of 2015.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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