Abbott Labs, Takeda conclude 30-year TAP joint venture

By Associated Press May 1, 2008 Comments (0)

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Abbott Laboratories said Thursday it has concluded its TAP Pharmaceutical Products Inc. joint venture with Japan's Takeda Pharmaceutical Co.

The closing of the agreement evenly divides the value of the more than 30-year-old joint venture.

Under terms of the deal, Abbott received rights to cancer treatment Lupron, including the sales and marketing team supporting that franchise, and will receive payments based on TAP's other current and certain future products.

Takeda received rights to the antacid Prevacid, all remaining TAP commercial and support organizations, and the rights to TAP's pipeline.

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