TAP buyout leaves Prevacid switch deal intact
This article was originally published in The Tan Sheet
Novartis Consumer Health remains "very committed to the Rx-to-OTC switch" of TAP Pharmaceutical Products' proton pump inhibitor Prevacid, the firm told "The Tan Sheet" March 20. Novartis reaffirmed its commitment to switching the hearthburn drug after Japanese drug firm Takeda announced March 19 it obtained a 100 percent stake in TAP when it bought out Abbott's 50 percent share of the joint venture. According to terms of the deal, Takeda will get the rights to Rx Prevacid. TAP will be integrated into Takeda's existing U.S. subsidiaries, which will establish Takeda America Holdings, the Japanese company says. Novartis Consumer Healthcare acquired the trademark and intellectual property rights for OTC Prevacid (lansoprazole) from TAP in December 2005, at which time Novartis announced plans for a switch in 2009 when the drug's patent expires (1"The Tan Sheet" Jan. 2, 2006, p. 6)...
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