Takeda buys Abbott’s stake in TAP

Japanese drug maker Takeda will be the sole owner of TAP Pharmaceutical Products after the firm finalizes a deal March 19 to buy Abbott's share of the 50/50 joint venture. When the transaction closes, TAP will be integrated into Takeda Pharmaceuticals North America and Takeda Global Research & Development Center, with the two reporting to a newly established Takeda America Holdings. Takeda says the deal will make the company a top 15 pharmaceutical company in the U.S. As part of the deal, Abbott and Takeda will evenly divide the value of the joint venture, with Abbott maintaining the rights to the prostate cancer drug Lupron (leuprolide acetate). Takeda gets rights to the only other TAP-marketed product - the heartburn and gastro-esophageal reflux medication Prevacid (lansoprazole)