Japan's Takeda sells four diabetes products to Teijin Pharma for $1.25 billion

Takeda Pharmaceutical Co's logo is seen at its new headquarters in Tokyo, Japan, July 2, 2018. REUTERS/Kim Kyung-Hoon

TOKYO (Reuters) - Takeda Pharmaceutical Co said on Friday it agreed to sell four diabetes products in Japan to Teijin Pharma Ltd for 133 billion yen ($1.25 billion).

Takeda will sell the Japanese marketing rights of drugs Nesina, Liovel, Inisync and Zafatek to Teijin Pharma subject to regulator approval, the company said in a release. The drugs generated 30.8 billion yen in sales in fiscal 2019, Takeda said.

The sale is the latest in a series of deals that Takeda has undertaken to reduce debt and refocus its business after its purchase of Shire Ltd, which was completed in January 2019. ($1 = 106.0300 yen)

Reporting by Rocky Swift; Editing by Alex Richardson