Teva to acquire Taiyo

JERUSALEM — Generic drug maker Teva Pharmaceutical Industries will acquire a privately owned manufacturer of generic drugs based in Japan, Teva said Monday.

Teva announced the purchase of a 57% stake in Nagoya, Japan-based Taiyo Pharmaceutical Industry Co. for $460 million, with plans to extend its offer to purchase all remaining shares of the company.

Taiyo is Japan’s third-largest generic drug company, with sales of $530 million in 2010 and a product portfolio of more than 550 generic drugs, including injectables used in hospitals. Teva president and CEO Shlomo Yanai said the acquisition would position Teva as a leading player in Japan’s quickly growing generics market.