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Takeda to buy out Abbott stake in US venture-source

Tue Mar 18, 2008 9:02pm EDT

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TOKYO, March 19 (Reuters) - Takeda Pharmaceutical Co (4502.T), Japan's largest drug maker, plans to buy out Abbott Laboratories Inc (ABT.N) stake in their 50-50 U.S. joint venture for 500 billion yen ($5 billion), a source close to the deal said on Wednesday.

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Takeda has long had its eye on gaining full control of TAP Pharmaceutical Products Inc but has been at odds with Abbott over the price.

Takeda spokesman Seizo Masuda said the drug maker had made no decisions on the matter but would announce a decision as soon as there was one. (Reporting by Emi Emoto and Ritsuko Shimizu, writing by Edwina Gibbs)

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