October 15, 2019 / 7:01 AM / a month ago

BRIEF-Takeda Agrees To Divest Select OTC And Non-Core Assets To Acino For Over $200 Million USD

Oct 15 (Reuters) - Takeda Pharmaceutical Co Ltd:

* AGREES TO DIVEST SELECT OTC AND NON-CORE ASSETS TO ACINO FOR OVER $200 MILLION USD

* ENTERED DEAL TO DIVEST PORTFOLIO OF SELECT OTC & PRESCRIPTION PHARMACEUTICAL ASSETS IN NEMEA TO ACINO FOR IN EXCESS OF $200 MILLION

* INTENDS TO USE DEAL PROCEEDS TO REDUCE DEBT, CONTINUE TO DELEVERAGE TOWARDS TARGET OF 2.0X NET DEBT/ADJUSTED EBITDA OVER NEXT 3 TO 5 YRS

* UNDER TERMS OF AGREEMENT, ACINO WILL ACQUIRE RIGHTS, TITLE, INTEREST TO PRODUCTS IN PORTFOLIO EXCLUSIVE TO NEMEA COUNTRIES

* HAS AGREED TO SELL PORTFOLIO OF ABOUT 30 SELECT PRESCRIPTION PHARMACEUTICAL AND OTC PRODUCTS SOLD IN NEMEA REGION TO ACINO

* IT IS ANTICIPATED THAT PRIMARILY SALES AND MARKETING PROFESSIONALS SUPPORTING PORTFOLIO WILL TRANSITION TO ACINO AT CLOSING OF TRANSACTION

* PARTIES WILL ENTER MULTI-YEAR MANUFACTURING AND SUPPLY AGREEMENT, IN WHICH TAKEDA WILL CONTINUE TO MANUFACTURE PRODUCTS ON BEHALF OF ACINO

* TRANSACTION IS EXPECTED TO CLOSE IN Q4 FY19 Source text for Eikon: Further company coverage:

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